BRUSSELS, Oct 27 — The EU today unveiled a new banking law to avoid a repeat of the 2008 financial crisis that delays key aspects of an internationally agreed deal.
The new rules, which were supposed to be active in 2023, would also force banks into providing greater transparency on their climate risks, with financing of fossil fuel projects, for example, evaluated poorly. Europe’s banking giants have lobbied hard to limit the rules or put them off as long as they can, arguing that a decade of stricter capital requirements have already shrunk profits and curbed lending.
For example, the commission argues that the current global rulebook for lending to small companies be allowed to apply longer in Europe, where firms are less prepared for the new regime.
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