Britain stalls on new rules

EU finance ministers will push again in a fortnight to settle on new bank capital rules after 16 hours of talks broke up without…

EU finance ministers will push again in a fortnight to settle on new bank capital rules after 16 hours of talks broke up without agreement early yesterday morning.

At issue was Britain’s refusal to back macroprudential measures endorsed by allother countries.

Denmark’s rotating presidency of the EU aims to strike a deal at the ministers’ next meeting on May 15th, but only on the basis that rules already agreed will not be reopened.

German Finance Minister Wolfgang Schaeuble made light of the row with the UK as he left the meeting, saying the May 19th Uefa Champions League soccer final between Germanys Bayern Munich and London side Chelsea would be a chance to get even.

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“We will see Chelsea in Munich,” Schaeuble told reporters, saying he hoped to “get a bit of revenge for it having taken so long today”.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times