Italy’s Visco to review EU bank-crisis rules

Bloomberg

Bank of Italy Governor Ignazio Visco has renewed his call for a review of European rules on banking crises that limit the ability to help ailing lenders.
“A legislation initiative of the new European Commission to review the BRRD directive would represent the occasion to tweak current rules, in order to make the regulation framework more flexible and appropriate for the nature of the banking industry,” Visco, who also sits on the European Central Bank’s Governing Council, said in
a speech to Italy’s bankers in Milan.
The central banker focussed his criticism on EU rules curbing state intervention that distorts competition, which he said can pose risks to financial stability.
At least 10 Italian banks have required some sort of financial aid from taxpayers or industry peers over the last three years.