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STRASBOURG, France The European Parliament on Tuesday gave its final approval to an array of rules aimed at mending the European Union's troubled financial sector and winding down banks while sparing taxpayer money.

In their final week before breaking up ahead of elections in May, lawmakers voted through previously agreed legislations designed to place the cost of closing a failing bank on the shoulders of its investors, and a new authority that will oversee the winding down of broken eurozone lenders.

Lawmakers also approved new harmonized rules for national deposit-guarantee funds, which are meant to protect savings during a bank failure.

"We have turned the idea of a banking union into reality in less than two years," said Internal Markets Commissioner Michel Barnier. "The banking union completes the economic and monetary union and ensures taxpayers will no longer foot the bill when banks face difficulties."

Eurozone leaders promised to construct a so-called banking union at the height of the currency union's debt crisis in June 2012, pledging to break the toxic link between weak banks and government finances. In addition to the laws passed Tuesday, the banking union also includes a single supervisor for eurozone banks under the auspices of the European Central Bank.

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European Parliament approves key banking rules