Michel Barnier News
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The European Union is weighing how far to go in forcing a break up of large lenders as it seeks to prevent banks in the debt-laden bloc from being too big to fail.
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The European Union is set to take a further step toward granting uninsured depositors greater protection than debt holders when regulators impose losses at a failing bank.
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Golden parachute pay packages to departing company executives may face greater scrutiny from shareholders as part of European Union proposals to stem excessive awards.
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The European Central Bank clashed with Germany over how the European Union will handle struggling banks and whether to create a common agency and fund to manage failures.
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The European Union will propose tougher regulation of interbank lending rates, without banning tarnished benchmarks such as Libor that are based on estimates rather than real transaction data.
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Martin Wheatley, the head of the U.K. markets regulator, said the London interbank offered rate should eventually be replaced with a transaction-based benchmark using a dual-track system.
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Banks in the European Union will be forced to reduce the paperwork for customers who want to switch to another lender, and to give clear information on account fees, as part of a package of measures to bolster competition.
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Angola, Africa’s second-biggest oil producer, plans to simplify taxation and more than double revenue from sources other than petroleum to curb the government’s reliance on crude.
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German Finance Minister Wolfgang Schaeuble said the money to pay for the resolution of troubled European Union banks won’t come from a single pool until decision-making powers in the bloc are more centralized.
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The European Central Bank and Germany met resistance from national governments in their bid to bring forward the start date of EU rules that would force losses on failing banks’ creditors.
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