Banks in the European Union may soon begin operating under a “single rulebook” according to Andrea Enria, the chairman of the European Banking Authority. Enria believes the move will lead to a more uniform oversight of banks. Boston University law professor Cornelius Hurley, Director of the Morin Center for Banking & Financial Law, offers the following commentary:
“The European Banking Authority is blazing a new trail by eliminating “regulatory arbitrage” among the EU’s member countries. If the EBA can harmonize the regulatory systems of 27 independent countries, why cannot the US coordinate its own system? Time to reopen Dodd-Frank.”
Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu
