The U.K. lost its fight against European Union powers to ban short-selling, as the bloc’s top court delivered a blow to Britain’s bid to rein in EU control over financial rules.
The credibility of Europe’s efforts to restore confidence in its financial system hangs in the balance as lawmakers try to broker a deal on a bank-failure authority for the 18-nation euro area.
A publicity-shy French woman who shepherded her country’s lenders through the dark days of Europe’s debt crisis has become the chief supervisor of euro- area banks.
The European Union will seek to give regulators the power to impose writedowns on senior unsecured creditors at failing banks as part of measures to prevent taxpayers from footing the bill for saving crisis-hit lenders.
European banks turning to their governments to raise required capital could trigger a downward spiral of declining sovereign-debt prices and further losses for the lenders.
As the European Central Bank prepares to take its first big step toward a banking union, the financial industry in the region remains as fragmented as ever.
Last-minute resumes sent to Mario Draghi for the European Central Bank’s new financial supervisor job are unlikely to feature many men.
The U.K., defeated in a campaign to derail European Union curbs on banker bonuses, goes to the bloc’s top court tomorrow in a bid to overturn the powers of an EU agency to ban short selling.
Banks should improve their defenses against losses caused by rogue traders, client fraud and other so-called operational risks, global regulators said.
European Union governments and lawmakers agreed to create new banking, securities and insurance supervisors that will start work on Jan. 1, 2011.
"Fragmentation above all results from risk aversion, and that's not just bank risk but country risk."
- Karel Lannoo on Oct 22, 2013