Smaller EU states push to block plan to strengthen finance supervisorshttps://indianexpress.com/article/world/smaller-eu-states-push-to-block-plan-to-strengthen-finance-supervisors-5550523/

Smaller EU states push to block plan to strengthen finance supervisors

The plan is meant to avoid a situation under which, after Britain leaves the EU, national regulators can offer sweeteners to London-based financial firms.

At a meeting of EU finance ministers, large EU states including France, Germany, Italy and Spain insisted on agreeing the reform before European elections in May.

Smaller European Union states led by Luxembourg pushed on Tuesday to block a plan to strengthen the bloc’s financial regulators ahead of Brexit.

The plan is meant to avoid a situation under which, after Britain leaves the EU, national regulators can offer sweeteners to London-based financial firms.

At a meeting of EU finance ministers, large EU states including France, Germany, Italy and Spain insisted on agreeing the reform before European elections in May.