EC President Unveils Banking Union Plan
The plan laid out by President Jose Manuel Barroso would not only allow the ECB to supervise all eurozone banks, but would also give it jurisdiction over a broader, and at first voluntary, EU banking base.
Regulators Casting Light on Shadow Banks
Concerns that shadow banks have no backstop in case of crisis and offer opportunities to engage in risky, if not illegal behavior, are pushing regulators for the G20 to look more closely at such institutions.
EU Plans to Shake Up Ratings Agencies
A new draft law unveiled Tuesday by the European Union angered ratings agencies Moody's, Standard & Poor's and Fitch, although according to Internal Market Commissioner Michel Barnier it is designed to inject competition into the sector, currently dominated by the 'big three.'