The EU’s proposal to split up retail and investment banks is buried.

So much for reigning in these “too big to fail” banks. As the article states:

The withdrawal of the proposal is a long-sought victory for the banking industry, which lobbied hard against its adoption in Brussels and said the legislation would damage the ability of lenders to help the economy to grow. The legislation bogged down in European Parliament as lawmakers split on whether it was necessary after many other laws were adopted to rein in risky practices in the aftermath of the 2008 crisis.

And

… the demise of the EU’s policy “is testimony to the iron grip the financial industry’s lobby still exerts on governments and legislators.”

Source: Banks Win as EU Scraps Proposal to Split Off Trading Units

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