The duelling adversaries in children’s cartoons never give up, and their attacks become ever-more creative. If the frying-pan ambush fails, then the dangling anvil will surely do the trick. Europe’s regulators are hoping this kind of approach will now bring them a final, decisive victory in their repeated attempts to wipe out a controversial capital exemption enjoyed by the region’s non-financial companies.
So far, corporates have been one step ahead. Because the Pillar 1 capital exemption for