MEP’s have commented that the European Commission's bank crisis resolution plans focus too closely on individual troubled banks, and must do more to address crises that could infect an entire banking sector. MEPs also stressed that this legislation must be more detailed, to ensure that all share and bond holders' stakes are turned into rescue cash before taxpayers are asked to contribute.

The Economic and Monetary Affairs Committee MEPs will now hold a series of meetings with a view to putting the draft legislation to a committee vote in March and a plenary one in June. The definitive version of the legislation needs to be agreed between the European Parliament and EU member States.