Ministry Of Finance Of The EU Vs. Obama
EU finance ministers unite to counter the proposal by Obama to reduce the size of banks and their operations. According to ministers, it is contrary to the policy of the EU.
The position, which will be ratified in the two-day meeting was marked against that, as in the past month Obama has made a proposal to adopt the so-called "Volcker rule", named after former Fed governor. The initiative prohibits commercial banks to manage hedge funds, and also limits the amount of funds that can be used for its own operations.
The reluctance of EU finance ministers to follow Obama's plan emphasizes the differences that have arisen against the background to find solutions that can prevent the emergence of another financial crisis.
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