Dispute over C&S directive


Villiers had publicly stated previously that she was, in principle, against a new directive to bring down the costs of clearing and settlement within the EU. "Of course, it is important to bring down the costs of cross-border clearing and settlement, but the way to do this is to tackle the 15 legal and technical barriers identified in the Giovannini reports," she wrote. "These wouldn't be fixed by a directive with 'ex ante' competition measures of the kind being considered by the European

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