BRUSSELS (Reuters) – European Union states on Tuesday backed a watered-down reform of regional supervision of money managers and other financial firms, top EU officials said.
The plan is meant to avoid a situation under which, after Britain leaves the bloc, national regulators can offer sweeteners to London-based financial firms.
Smaller - EU - States - Reform - Power
Smaller EU states had tried to completely block the reform, fearing it would reduce their power to attract foreign financial firms.
But after pressure from larger states led by France and Spain, a compromise was reached by EU finance ministers meeting in Brussels.
Chairman - Eugen - Teodorovici - Romania - Finance
Meeting chairman Eugen Teodorovici, Romania’s Finance Minister, said talks with EU...
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