Banks See Softer Side of Brussels as EU Readies Rule Revamp
- EU Commission to hold public hearing on regulation on May 17
- Shift in stance epitomized by fate of too-big-to-fail bill
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After years of aggressive regulation reining them in, Europe’s banks are starting to get some slack from the policy makers in Brussels.
The European Union has opened up the entire financial rule book for review, including contentious issues such as the cap on bankers’ bonuses. Faced with weak banks and an anemic economy, regulators have made clear that global standards will be adapted to suit Europe’s needs. The legislative conveyor that churned out more than 40 laws after the crisis to curb banks’ risk-taking and enforce market discipline has slowed to a crawl.