I don’t know how they do it but Bloomers have gotten their grubby little mitts on yet another European draft plan and this time it’s on an EU presidency (put forward by Italy) document on bank rules.
A plan to ban prop trading apparently faces national opposition with several countries expressing serious concerns or reservations and only very few countries are in favour.
The EU’s Michel Barnier has been charged with devising banking structure reforms but his plans are increasingly coming under fire now. The main part of the plan is to have banks spin off non-core activities into separate entities so they can be ringfenced in crisis. The ban on prop trading takes that even further.
The countries showing opposition to various parts of the plans are increasing and other aspects are hitting legal snags.
It’s Europe in a nutshell. Promise the earth, then argue about it for years, then deliver some watered down, next to useless plan with great fanfare.
