EU pushes for reform to cushion banking

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Series Details 8.7.09
Publication Date 08/07/2009
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Article reports that European Union Finance Ministers have backed proposals, July 2008, for urgent reforms to lessen the impact of economic cycles on the banking sector. At an ECOFIN Council, Brussels, 7 July 2009 ministers agreed fundamental changes were needed to banking and accounting rules to encourage banks to build up bigger capital cushions in good times, which could be drawn on in an economic downturn.
Related Links
EurActiv, 8.7.09: EU to tighten bank lending to offset risks http://www.euractiv.com/en/financial-services/eu-tighten-bank-lending-offset-risks/article-183863
BBC News, 7.7.09: Europe backs bank control plans http://news.bbc.co.uk/1/hi/business/8139107.stm
Council of the European Union: Press Release, 7.7.09: Council Conclusions on pro-cyclicality http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/109050.pdf
Council of the European Union: Final Report of the EFC Working Group on Pro-Cyclicality, 2009 http://register.consilium.europa.eu/pdf/en/09/st11/st11479.en09.pdf
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