On Friday 25 May, the European finance ministers reached an agreement by qualified majority on the ‘banking risk reduction’ legislative package. Among other things, the package embeds the TLAC international prudential standard in EU law.
“It’s done: we have an agreement!”, said the president-in-exercise of the Ecofin Council, Vladislav Goranov, following a public debate.
Greece and Italy abstained, the latter due to its lack of government.
In actual fact, a deal had been sealed...