FRANKFURT (Reuters) – The European Central bank backed on Thursday a Commission proposal to toughen scrutiny of foreign lenders in the EU, which has become a thorny issue since Britain left the bloc.
“The Commission … (is) strengthening the single market and minimising supervisory blind spots, thus rendering supervision more effective,” ECB supervisor Frank Elderson said in a blog post accompanying a legal opinion.
Banks have been lobbying EU lawmakers to tone down the proposed rules, which they say curb companies’ access to international finance. [L8N2UY4OJ]
(Reporting By Francesco Canepa; Editing by Catherine Evans)
