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Barnier: “We set up the Banking Union in record time”
The French Commissioner for Internal Market and Services, Michel Barnier, published a book titled Se reposer ou être libre (to rest or to be free). He spoke with EurActiv about reforming the European banking system.
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EP approves key elements of Banking Union
MEPs approved the Single Resolution Mechanism (SRM) for eurozone banks, EU-wide rules for the winding down of failed banks – the Bank Recovery and Resolution Directive (BRRD) – and upgraded rules to protect deposits up to €100,000 (DGS). (Includes comments by Barnier, Schulz, Bowles, EBF.)
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EP approves revised Markets in Financial Instruments Directive
The European Parliament approved new rules on the trading of financial instruments that aim to curb speculative trading and offer better protection to investors. Regulators must now put the MiFID II rules into practice.
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BoE/ECB: The impaired EU securitisation market - causes, roadblocks and how to deal with them
This joint paper, written for the G20/IMF spring meetings, states that the shrinking market is a concern because securitisation, if appropriately structured and regulated, can complement other long-term wholesale funding sources for the real economy. (Includes comment by AFME.)
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FSB Chair's letter to G20 ministers and governors on financial reforms
Mark Carney highlighted three areas where the support of G20 ministers and governors will be essential in the coming months: ending too-big-to-fail; transforming shadow banking to resilient market-based financing; and making derivatives markets safer.
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