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The European Central Bank and the European Banking
Authority have to set the terms for new stress tests for bank, scheduled for next year.
This autumn will make or break the European Union's efforts to fix its financial system. It's a final chance to decide on postcrisis laws and strategy before EU institutions turn their attention to the 2014 elections.
The European Commission, the bloc's executive arm, will rush out a host of financial-markets proposals, some of which have been in the works for several years. Meanwhile EU member states and the European Parliament will butt heads over new banking laws.
The commission hopes member states and the Parliament will agree on the new laws, or at least take formal positions on the proposals, before lawmakers start campaigning full-time for next May's vote.
If not, pending bills will die when Parliament and the commission dissolve after elections, handing opponents—from industry lobbyists to national governments—a good opportunity to send legislation back to the drawing board and potentially delay it for years.
First out of the gate, on Sept. 4, is new regulation for money-market funds. The regulation is part of a broader effort to pull credit activities by nonbanks out of the proverbial shadows. These funds are popular with companies and retail investors looking for an alternative that is more profitable than bank deposits but that still allows them to withdraw money at short notice and without restrictions.
The commission says that this perceived safety is an illusion and that money-market funds face the same risk of losses and investor panic as other financial institutions. Drafts of the proposal would force these funds to either value their assets daily or build up capital buffers, and impose restrictions on the funds' investment practices.... [...]
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