The European Union's Parliament on Tuesday, completed the biggest overhaul of the bloc's financial system since the introduction of the euro currency, passing laws to minimise the risk and cost posed by failing banks.Lawmakers signed off on the creation of a European authority with the power to unwind or restructure failing banks, as well as a system that will see banks' creditors not governments take losses first when lenders fail. EU Commissioner in charge of financial market reform, Michel Barnier said that the new rules put an end to the era of massive bailouts and ensure taxpayers will no longer foot the bill when banks face difficulties. Parliament also passed legislation that protects all deposits of up to 138,000 US Dollar in case of bank failures across the 28-nation bloc.