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Will EU Have Two Tracks for Banking Rules?

Plan to have one set of rules for Eurozone and a separate for non-euro EU countries is under fire for creating fragmentation in European markets.

By Birgit Jennen and Julia Verlaine, Bloomberg | Updated on February 05, 2016

Separate banking rules for the euro area and non-euro countries, proposed as part of the European Union’s efforts to keep the U.K. in the bloc, were greeted with skepticism by lawmakers from Berlin to Brussels on concerns that they could damage the single market.

A draft EU-U.K. settlement published on Feb. 2 foresees the possibility of “different sets of union rules” on prudential requirements for banks and other measures to bolster financial stability for the bloc’s nine non-euro states, including the U.K., and the euro area. This bifurcation may be necessitated by the need for “more uniform” rules for the currency bloc, according to the draft.

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