From a corner conference room overlooking the Thames, Michael Sherwood, a vice chairman of Goldman Sachs Group Inc., has the guts to voice publicly what many in London’s centuries-old financial district are increasingly worried about behind closed doors: that threats to Britain’s membership in the European Union are threats to British business.
European Union lawmakers struck a deal on legislation to create a single agency to handle failing euro-area banks after an all-night negotiating marathon ahead of a summit of EU leaders starting today in Brussels.
Michel Barnier, the European Union’s financial-services chief, will be quizzed by lawmakers today on the bloc’s enforcement of banker bonus curbs, amid warnings that lenders may have too much scope to sidestep the measures.
European finance ministers made few concessions to break a deadlock on a bank-failure bill, as the European Central Bank warned that failure to enact it would hinder efforts to combat fragmentation of the financial sector.
Top European Parliament lawmakers said “some progress” was made in talks with member states today on a Single Resolution Mechanism bill, though all the “crucial issues” remain open. *“Today we take note that some progress has been made,” the lawmakers said in a statement. “This has helped us to better understand each other. It is clear to us though that there is still much work to be done and we still await detailed wording from the Council which is needed for further concrete discussions.” *“We can now hope to have a constructive meeting next week in which concrete drafting can be made in a bid to reach a deal,” said the lawmakers Sharon Bowles, Elisa Ferreira, Corien Wortmann-Kool, Sylvie Goulard, Sven Giegold and Vicky Ford. *“We must reiterate however that we are not yet there and that the crucial issues are still all to be agreed if we are to have a de
Euro-area banks face uncertainty over how much they’ll have to pay into a planned 55 billion-euro ($76 billion) fund for saving or shuttering lenders as lawmakers wrangle over the rules for contributions.
When Europe’s leaders set out in June 2012 to break the “vicious circle” between banks and sovereigns, they left rules for treating government bonds untouched, an oversight that may subvert their drive to prevent a recurrence of the debt crisis.
European lawmaker Sharon Bowles said that diplomacy and knowledge of banking regulation are strengths she can offer to support her candidacy to become the first female governor in the Bank of England’s 318-year history.
European Parliament lawmaker Sharon Bowles said her interview to become Bank of England Governor was shrouded in secrecy as the U.K. Treasury tried to keep the application process under wraps before a decision due on Dec. 5.