In the aftermath of the Brexit vote, Rome and Madrid are leading the race to gain the right to host influential EU agencies, while Croatia, Bulgaria, Cyprus, Romania and Slovakia could remain empty-handed.
The bulk of a new type of allowance paid to bankers are in breach of the European Union's bonus cap and must be changed by the end of the year, the EU's banking watchdog said on Wednesday, raising the prospect that banks will have to bump up basic pay or risk losing top staff.
The European Union’s banking supervisor did not have the staff or powers to successfully stress-test EU banks’ resilience to financial shocks, according to a European Court of Auditors’ report published yesterday (2 July).
The European Court of Auditors has said that the Commission’s reform of the banking sector legislation and the creation of the European Banking Authority were “important first steps” in response to the financial crisis.
European Commission proposals for a banking union that gives the European Central Bank (ECB) supervision of all eurozone banks were tabled in Strasbourg yesterday (12 September), as a first step towards closer economic and monetary union within the single currency zone.
Safeguards proposed by Brussels to stop a newly beefed-up European Central Bank from calling the shots on banks beyond the eurozone are unlikely to satisfy Britain and other EU countries that do not use the common currency.
The European Commission is aiming to present its banking union plan by September 11, in a bid to contain the euro crisis that has prompted several EU countries to seek bailout to finance their banks, EU officials reportedly said on Monday (6 August).
Up to one in six European banks is set to fail an EU-wide financial health check, according to eurozone sources close to the stress testing, as officials scramble to set up backstops for those at risk.
As EU countries embark on another round of bank stress tests, disagreement is rife on whether the tests should probe liquidity and sovereign debt exposure. Analysts say ministers are "damned if they do and damned if they don't".