The European Commission is up in arms over the agreement recently reached by the EU Council on the ‘CMDI’ legislative package aimed at strengthening the management of a banking crisis within the eurozone banking union (see EUROPE B13435A2).
“I fear that this compromise would be detrimental to the future of the Banking Union as it will not fasten harmonisation but rather renationalise how crisis management and deposit insurance are implemented in the EU,” commented the European...