EU banks to get ‘single rulebook’

Article reports a FT interview with Andrea Enria, Chairman of the European Banking Authority, February 2011. He said that the financial crisis since 2008 had highlighted the weakness of consensual efforts to co-ordinate banking regulation in Europe.

He warned that he planned to use the 'true power' of a single set of rules to impose more uniform oversight on banks. The move might potentially emasculate national regulators in EU member states, such as the UK’s Financial Services Authority. Some bankers fear it may harm innovation and competitiveness.

ESO: Background information: Website: European Banking Authority http://www.europeansources.info/record/website-european-banking-authority-eba/

ESO: Background information: EU lets financial watchdogs off the leash http://www.europeansources.info/record/eu-lets-financial-watchdogs-off-the-leash/

---