Michel Barnier the European commissioner for the internal market has unveiled tough new rules for banks which would require them to enlarge their capital and strengthen governance.
He explained the thinking behind the proposals in a wide ranging interview with Euronews.
“Week after week we have put in place regulations, we require transparency, we will hold to account all the financial players in all markets and all the products they use. We’re in the process of drawing up proposed legislation aimed at protecting savers’ deposits,” he explained.
Families and businesses have been hit hard, he said adding lessons must be learned from the crisis that destroyed economic growth and competitivness.
Banks which break rules could face fines. Over 8,000 lenders will be affected if the proposals are approved by EU member states and the European Parliament.
The full interview can be seen on Euronews from eight o’clock central eruopean time tonight.