bank reform must reflect French, German regulations: French finmin
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[January 31, 2014]
PARIS (Reuters) — France wants to make
sure that EU banking reform proposals reflect regulations already in
place in France and Germany, Finance Minister Pierre Moscovici said
on Thursday, voicing concerns that the current plans favor banks in
The European Commission unveiled a blueprint to rein in high-risk
trading at big banks on Wednesday, despite concerns in Paris and
Berlin that it would threaten their biggest lenders.
"I will be very vigilant about the choices that are made in the
European text so that it does not call the French reform into
question," Moscovici told Reuters in an interview. "This is
something we are keeping an eye on with Germany."
The Commission's proposals go as far as banning the biggest banks
from making speculative bets on stocks, bonds and commodities for
their own profit, whereas France and Germany want such trading
ring-fenced at big lenders.
France and Berlin have been keen for the Commission's proposals to
reflect this given that they have recently carried out their own
"It's important that the Commission has a neutral position and
avoids giving one model preference over another or calling into
question ambitious reforms that two big countries, France and
Germany, have already put into place," he said.
The French banking industry has voiced concerns that the
Commission's proposals gave an advantage to banks in London in some
corporate financing activities.
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"Britain finds itself in a relatively favorable position in this
proposal," Moscovici said.
The head of the French central bank, Christian Noyer, slammed the
Commission's proposal hours after it was presented on Wednesday,
describing it as "irresponsible and contrary to the interests of the
(Reporting by Leigh Thomas, Jean-Baptiste
Vey and Yann Le Guernigou; editing by Hugh Lawson)
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