Christian Clausen, president of the European Banking Federation, said regulators need to rethink an approach he warned will bury the industry under a mountain of rules with little coherence.
Bloomberg News reports that Clausen, who is also the chief executive officer of Nordea Bank, said his group plans to take up the issue with the new European Commission and parliament in an effort to prevent regulators adding more rules to the existing framework.
'We need to have a serious talk,' he said Wednesday in an interview in Stockholm. 'We need to calibrate, we cannot just add on. I think it is going beyond reason.'
Bankers across Europe are trying to anticipate what regulatory changes might follow the results of stress tests by the European Central Bank and the European Banking Authority, with results due to be released on Oct. 26. The examinations will establish the financial health of Europe’s biggest banks and provide a master document from which the ECB can start its supervisory work on Nov. 4.
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