Political stirrings in run-up to EU CAD
Brussels – Now that the European Commission (EC) has published its legislative proposal to implement Basel II – in the form of amendments to the Capital Adequacy Directive and the Consolidated Banking Directive – eyes are turning to the European parliament and the looming battle to get the legislation passed.
However, there is much uncertainty in the air. To begin with, the EC will have a new slate of commissioners taking over the top roles in November. Each member of the European Union (EU) receives one commissioner post now, and the UK’s controversial nominee, Peter Mandelson, is the favourite to head the Internal Market Directorate General, replacing Frits Bolkestein, who hails from the Netherlands. Mandelson’s history is checkered – while he was one of the founders of the New Labour political
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