EU infighting blocks Basel recognition of banking union

Treating eurozone as single jurisdiction could slash G-Sib capital, but the 19 member nations have differences to settle first

In a recent overhaul of the way it identifies global systemically important banks (G-Sibs), the Basel Committee on Banking Supervision has hinted it might be prepared to treat the European Union’s banking union as a single jurisdiction – the collection of 19 eurozone member states has a central supervisor and resolution authority.

It would be a momentous change, and not just a symbolic one. If all intra-eurozone business was no longer regarded as cross-border, it would produce lower systemic

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