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Eurozone finance ministers seek compromise on new body to handle ailing banks

Spanish Economy Minister Luis de Guindos Jurado addresses the audience during a public debate 'The Euro Area at a crossroads: Policies for growth, jobs and competitiveness' at the European Council building in Brussels, Monday, Feb. 17, 2014. OECD Secretary-General Angel Gurria and finance ministers from some of the countries hit hardest by the crisis discussed what action is needed to ensure a more dynamic and resilient Euro Area in the years ahead. (AP Photo/Yves Logghe)

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Spanish Economy Minister Luis de Guindos Jurado addresses the audience during a public debate 'The Euro Area at a crossroads: Policies for growth, jobs and competitiveness' at the European Council building in Brussels, Monday, Feb. 17, 2014. OECD Secretary-General Angel Gurria and finance ministers from some of the countries hit hardest by the crisis discussed what action is needed to ensure a more dynamic and resilient Euro Area in the years ahead. (AP Photo/Yves Logghe)

BRUSSELS - Finance ministers from the 18-nation eurozone are trying to agree with European lawmakers on the timely creation of a body that can unwind or restructure ailing banks.

Dutch finance Minister Jeroen Dijsselbloem said Monday he was confident an agreement on the so-called single resolution mechanism will be reached to ensure the legislation can be passed in April.

But German Finance Minister Wolfgang Schaeuble cautioned there was only a limited scope for compromise.

European Parliament lawmakers have rejected the ministers' proposal and threatened to shelve the project unless the governments offer significant concessions.

Failure to pass the legislation before Parliament's term expires in May would delay the project until 2015. The body would be part of a wider banking union, the bloc's main effort to stabilize its financial system.

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