Cuts will hamper EBA's convergence work, regulator warns

As European banking legislation is finalised, the institution plans to concentrate more on harmonisation and less on standard-setting; expanding workload contrasts with shrinking budget

The EBA is based at London's Canary Wharf

The European Banking Authority (EBA) will shift its efforts towards building a common regulatory system across Europe over the next three years – but warns that shortages of resources, staffing and funding, as well as a lack of legal power, could pose problems.

On October 16 the EBA put out a detailed plan for its work in 2016 alongside a longer-term vision of its role over the coming three years. In the latter, the EBA envisages it will "shift its focus" from developing standards to pushing for

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