Barnier faces opposition to plans to curb activities of about 30 large banks

Michel Barnier, the European Union’s financial services chief, faces opposition to his plans to curb the activities of about 30 of the bloc’s largest banks to prevent them being too big to fail.

While France and Germany say parts of his proposals may hamper lending and threaten an exodus of banking services, MEPs argue the plans have simply come too late for them to review and approve ahead of May elections. Many will have left office or switched jobs by the time the assembly votes on the measures.

“It’s a bit insulting to present this now,” Sharon Bowles, chairwoman of the EU assembly’s economic and monetary affairs committee, said.