EU Banking Rules Divide at Euro-Area Border in Cameron Deal
- Draft deal foresees separate rules for euro, non-euro banks
- Provisional pact needs endorsement of all EU leaders at summit
Cameron Says Britain Close to EU Membership Decision
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A European Union deal intended to satisfy Prime Minister David Cameron’s demands for greater U.K. sovereignty may include two-track banking rules for euro-area countries and those outside the currency bloc.
A draft settlement published on Feb. 2 states that “prudential requirements for credit institutions” and other rules needed to bolster financial stability may need to be “conceived in a more uniform manner” for application in the euro area, with its single supervisor and resolution authority, than in the EU’s nine non-euro states, including the U.K., Sweden and Poland.