EU takes 6 nations to court for failure to introduce laws on collapsing banks

BRUSSELS – The European Union is taking six countries to court for failing to bring their laws into line with EU rules aimed at stopping banks from going bust and creating another financial crisis.

The EU’s executive Commission said Thursday that it was referring the Czech Republic, Luxembourg, the Netherlands, Poland, Romania and Sweden to the European Court of Justice.

The so-called bank recovery and resolution legislation gives national authorities powers to manage the collapse of a bank or large investment firm.

The EU rules were supposed to be made national law by the end of last year. All other countries have fully or partially complied.

Commission spokeswoman Vanessa Mock said “it’s high time that we got this moving.”

The six could face daily fines until the legislation is adopted.