The Council has provided for the mandatory separation of proprietary trading and related trading activities and established a framework for competent authorities to take measures to reduce excessive risk taking.
“I see no point in bringing it [a proposal on banking structural reform] out now. Realistically I think the commission needs to hold back on this and consult again when there is a new commissioner. It’s a great shame that it is so late - it means it will not be examined by the MEPs that have worked on these and related issues in this mandate.”
The European Parliament adopted by 528 votes to 87 with 73 abstentions a resolution on reforming the structure of the EU banking sector. MEPs think that excessive risks must be reduced, competition ensured, complexity reduced and interconnectedness limited by providing for the separate operation of essential activities, including credit, payment, deposit and non-essential risky activities.
"Ring-fencing and subsidiarisation may constrain the allocation of capital and liquidity within a globally operating banking group. Through these channels,structural regulation may contribute to a fragmentation of banking markets along national lines".
FSB's Mark Carney: "FSB Members have reviewed an interim assessment, produced by the FSB in collaboration with the IMF and OECD, of the cross-border consistency and global financial stability implications of planned or implemented domestic structural banking reforms in individual jurisdictions. Many of these measures help address the too-big-to-fail problem, but also have impacts on financial institutions and markets in third countries. That work will be developed and t he FSB will report on this to the 15-16 November 2014 Brisbane Summit."
"The fact that a number of member states have already forged ahead in implementing banking structural reform limits the EU's room for manoeuvre to have a harmonised approach. The Commission should set out “a common objective” but allow member states to decide how to achieve this".
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