With banca carige becoming the fourth Italian bank to be bailed out using public funds in the past three years, European Union rules that were meant to prevent taxpayers footing the bill for failing banks have once again been thrust into the spotlight. The Bank Recovery and Resolution Directive was supposed to create a cushion of private capital that would be used to recapitalise failing institutions when it was enshrined into law in 2014. But, five years on, taxpayers remain the driving force behind most of Europe's bank rescues.
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