Is There Room in EU Law To Protect a National Banking System with Bank Separation?

Dec. 19, 2019 (EIRNS)—Banking regulation is not the exclusive jurisdiction of the European Union, MEP Marco Zanni explained in his LaRouchePAC interview, but de facto the EU has the power to legislate banking regulation.

“There is the possibility for member states to legislate and to draft banking and financial regulations. The Lega had banking separation in its 2018 program. Unfortunately, due to the short life of the last government, we were not able to propose this reform. However, the reform should not be limited to the national sectors; it should be developed at European level,”

Zanni said. It is possible to draft legislation at the national level but it won’t be sufficient. “We need this bill to be approved and proposed at the EU level, for all EU countries.

“I think that at some point, in the next five years [the term of the European Parliament] the coming financial crisis will force European legislators to consider banking separation as a strong action to stabilize our financial system and make it safer.”