Press conference by Michel Barnier, Member of the EC, on the structural reform of the EU banking sector
Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference on the proposals regarding the structural reform of the EU banking sector. The EC proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business if the pursuit of such activities compromises financial stability. Alongside this proposal, the Commission adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector. These measures complement the overarching reforms already undertaken to strengthen the EU financial sector.