Michel Barnier, the European Union’s financial services chief, faces opposition as he prepares to unveil plans to curb the activities of about 30 of the bloc’s biggest banks to prevent them being too big to fail.
While France and Germany say parts of today’s proposals may hamper lending and threaten an exodus of banking services, European Parliament lawmakers argue the plans have simply come too late for them to review and approve ahead of May elections. Many will have left office or switched jobs by the time the assembly gets a chance to vote on the measures.
“It’s a bit insulting to present this now,” Sharon Bowles, chairwoman of the EU assembly’s economic and monetary affairs committee, said in an e-mail. “Barnier should have presented this much sooner before the election, or not at all. The deadline for the parliament to receive new, non-emergency, proposals before the elections expired in July last year.”
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