EU flags fly outside the European Commission headquarters in Brussels, Belgium. Picture: REUTERS/YVES HERMAN
The document makes clear that there will be an acceleration of financial regulation, after many years when little has happened following the wave of rules after the financial crash. That would be a break with the current situation, where banks do not have to set aside capital to cover holdings of their own government’s debt.
The authors said this question would be addressed amid continued efforts to build a pan-European “capital markets union” aimed at making the bloc more self-sufficient in core financial services.
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