Barnier Says Commission Must Tackle Too-Big-to-Fail Banks
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The European Union must take on its biggest banks so they won’t spark another crisis, said Michel Barnier, the bloc’s outgoing financial services chief.
The largest banks will remain “too big to fail, too complex to resolve and too costly to save” if the European Union doesn’t go beyond current financial laws, Barnier said in an interview yesterday in Milan. He called on the next European Commission, which starts its term on Nov. 1, to press ahead with new rules on bank structure to rein in these risks.