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France Finance Ministry to Start Consultations on Banking Law

France’s Finance Ministry said it will start consultations on a planned overhaul of the finance industry that would separate some risky banking activities.

Finance Minister Pierre Moscovici met with a committee on financial regulation and systemic risk today, and asked the panel to start industry consultations in coming months, the ministry said in an e-mailed statement today.

The goal of the reform is to focus banks on financing companies and growth rather than “purely speculative, sterile and risky operations,” the ministry wrote.

“The decisive gage is that of service to clients,” the ministry said. “As for operations unrelated to it, Pierre Moscovici recalled that he wouldn’t hesitate to assume a strict limitation or even their prohibition.”

To contact the reporter on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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