Europe arrogant to reject capital increase, says lawmaker

Parliamentarian hits back at European Commissioner's criticism of Basel model floors

Paul Tang
Paul Tang: "I am still concerned that we haven't done enough"

European regulators are being arrogant about the strength of the banking system in their pushback against potential capital increases, according to a top financial legislator who was responding to a speech earlier in the day from the European Commissioner for financial services, Valdis Dombrovskis. 

"I don't agree with Dombrovskis, because I would say there is a bit of European arrogance here," said Paul Tang, a member of the European Parliament's economic and monetary affairs committee

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