Delays in unveiling the blueprint mean there is "no chance" of Barnier's plans becoming law before the assembly adjourns in preparation for elections next year, Bowles said. "Whatever he does is likely to be controversial, and secondly we’ve got other issues in the pipeline that we would really have to finish and would take priority." Regulators are seeking ways to overhaul banks’ operations so that riskier activities are separated from core lending and backed by capital reserves. The UK, France, Germany and Belgium are already putting national plans in place for internal firewalls at their lenders.
"Considering the likely date for the adoption of our proposal", as well as other key financial regulation priorities, "we of course know there cannot be a final agreement on our forthcoming proposal during this legislature", Barnier said in an e-mailed statement via his spokeswoman, Chantal Hughes. The Commission’s aim is that legislators, after making progress early next year, will "resume discussions in the next Parliamentary session to reach final agreement later in 2014", he said.
The newly elected European Parliament will formally convene in July, and will work on housekeeping matters such as sharing out committee slots, making internal appointments and holding hearings on candidates to join the European Commission, the EU’s executive arm. A new team of EU commissioners is set to take office in November. The fate of existing legislative proposals after the new Parliament and commission are in place is uncertain, as the institutions are free to redefine their priorities.
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