The joint rules on how to restructure or wind down banks are a key step toward establishing a so-called banking union for Europe, aimed at restoring stability after a tumultuous few years that have dragged down the global economy.

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Angela Charlton and Sylvain Plazy in Brussels and Geir Moulson in Berlin contributed to this report.

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Follow Juergen Baetz on Twitter at http://www.twitter.com/jbaetz

Follow Raf Casert on Twitter at http://www.twitter.com/rcasert

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