Tuesday, 26 February 2013

UK: Lord Turner on global financial and Eurozone reform

Earlier this month Lord Turner, the chairman of the Financial Services Authority, delivered a speech titled Global Financial and Eurozone Reform: Five Questions on a Common Theme: see here (pdf). In a wide-ranging speech, Lord Turner considered the desirability of the single market right available to banks in one Member State to operate through a branch in another Member State. He argued that there was a reasonable case for giving national authorities within the EU the power to require banks from other Member State to operate as subsidiaries not branches, particularly where the bank's operations involved accepting significant retail deposits.

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