Resistance to EU curbs on risky banking
A “substantial number of countries” have “expressed serious concerns or reservations” about the proposed ban, according to a report prepared by Italy, which holds the EU’s rotating presidency. “Only very few countries are explicitly in favour.”
The proposal for banking-structure reform by Michel Barnier, the EU’s financial services chief, has come under attack on multiple fronts since he presented it in January. In addition to the proprietary-trading ban, Mr Barnier set out EU-wide standards for splitting up the most systemically important banks that would push certain kinds of derivatives and other trading activities into separately capitalised units.
