The European Parliament’s Economic and Monetary Affairs Committee has agreed its position on the remaining aspects of EU implementation of Basel III. It is an important step forward, but there are plenty of issues left to iron out before a final text is agreed.
It was supposed to turbocharge the City of London’s fortunes, but in the end the government’s long-awaited financial services bill was a bit of a damp squib. It will, however, entrench tensions between the government and regulators with potentially dangerous consequences.