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Friday 17 August 2018

Single rules for all EU banks under new plan

EUROPEAN banks will be operating under a "single rulebook" under plans being pushed by the eurozone's banking watchdog.

The move is aimed at preventing regulatory competition between countries.

Andrea Enria (right), chairman of the new European Banking Authority, told the Financial Times that he wants to impose a more uniform oversight of banks.

"The 'single rulebook' is the true power," he said. "If we start having regulatory competition again, it will be havoc."

The EBA has the power to approve standards that are binding on EU states. "One thing we need to start discussing is . . . what went wrong with supervision and how are we going to fix it," he added.

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