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EU negotiators try again on bank resolution agency

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March 11, 2014 03:38 PM EST | AP

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BRUSSELS (AP) — European Union officials say they have come up with a set of proposals to break a deadlock over a new agency to wind down busted banks.

Greek Finance Minister Yannis Stournaras, whose country holds the rotating EU presidency, said Tuesday that proposals from the EU's national governments would be taken to a negotiating session Wednesday with members of the EU parliament.

National governments and the parliament have been sparring over the powers of the new agency to centralize banking oversight at the EU level. Parliament representatives have said the proposals leave too much say in the hands of governments and their banking regulators.

Officials say they must reach a deal quickly in order to enact the new agency before the current parliament's term expires in May.