Calls for deal on bank-capital rules

Negotiations are to continue throughout July on two significant proposals for European Union financial legislation, with deals on both still a long way off. 

Officials from Cyprus, which holds the rotating presidency of the Council of Ministers, were scheduled to hold their first trilogue discussions with the European Parliament and the European Commission on proposed bank-capital requirement rules yesterday and today (11-12 July).

When the EU’s 27 finance ministers met in Brussels on Tuesday (10 July), they urged the Cypriot presidency to keep up the momentum of the negotiations, and Cyprus undertook to reach agreement as soon as possible.

Yesterday saw the first round of talks on the proposed ‘two-pack’ legislation on economic governance. Olli Rehn, the European commissioner for economic and monetary affairs and the euro, told finance ministers that the Parliament’s amendments went far beyond the scope of the proposed legislation, in seeking to use the two-pack to force eurozone countries to share debt.

The Parliament’s approach is unlikely to be approved by member states at this stage. However, a debt-sharing obligation is likely to be included in the blueprint for the future of the euro that Herman Van Rompuy, the president of the European Council, is scheduled to publish in December.

 

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