In a recent interview with the Financial Times, Valdis Dombrovskis, the European Commission’s vice-president in charge of the euro, said that “Brussels was already thinking about how to go beyond “quick fix” proposals it made in September for reinforcing supervision of banks’ conduct”.
The September plans referred to by Mr Dombrovskis would give the European Banking Authority “greater powers to co-ordinate the work of national banking watchdogs” and were positively received by the EU’s governments. However, this is only the first step ahead of “more long term and structural” changes Mr Dombrovskis’s officials are planning to present to EU governments in 2019.
The remarks come after a series of money-laundering scandals that have taken the bloc by storm over the last few months. As a result, the FT reports that “European regulators, including senior officials at the European Central Bank, have called for a major transfer of responsibilities away from national authorities to ensure that the bloc’s anti-money laundering directives are applied more thoroughly”.