ECB backs EU’s tough stance on foreign banks

04/28/2022

Less than a minute

2022.04.28 13:31

ECB backs EU's tough stance on foreign banks
FILE PHOTO: The European Central Bank (ECB) logo in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski//File Photo

FRANKFURT (Reuters) – The European Central bank backed on Thursday a Commission proposal to toughen scrutiny of foreign lenders in the EU, which has become a thorny issue since Britain left the bloc.

“The Commission … (is) strengthening the single market and minimising supervisory blind spots, thus rendering supervision more effective,” ECB supervisor Frank Elderson said in a blog post accompanying a legal opinion.

Banks have been lobbying EU lawmakers to tone down the proposed rules, which they say curb companies’ access to international finance. [L8N2UY4OJ]

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04/28/2022

Less than a minute