christian louboutin authentic IS IT A DONE DEAL

ramework law andthe EU is likely to endorse its final draft by the autumn christian louboutin authentic , butregulators still need further time to flesh out details.
Only then will a clear picture emerge of whether there willbe unfair competitive advantages, regulatory loopholes and whatbanks and markets must do to get ready. (Reporting by Huw Jones; Editing by Will Waterman)
Regulatory News
The European Union's executive European Commission unveiled outline plans on Wednesday for a network of national bank resolution funds based on a bank tax.
It would pay for winding up ailing banks so that taxpayers don't foot the bill again in future.
The following looks at what the bloc's financial services chiefchristian louboutin sneakers on sale World, Michel Barnier christian louboutin authentic , is proposing and how it fits into global efforts to make banks less risky for the public purse.
WHAT IS BARNIER PROPOSING?
Banks would pay a levy into a dedicated national bank resolution fund which governments would then tap to wind up an ailing bank without destabilizing markets.
A draft EU law would be proposed in early 2011 to coordinate such funds for EU states and the European Parliament to approve.
The aim is not to build up enough funds to rescue or bail out a bank as the sums needed would be too vast. They would be part of a new crisis management framework to stop banks getting into trouble in the first place.
The fact that Barnier is looking at an EU network of funds is a clear signal that a more radical proposal of a single bloc-wide fund is a non-starter.
Countries like Britain don't want to be in the position of having to help a euro zone bank.
Barnier is also holding back from saying how much the levy should be and what level the funds should reach to be effective. The International Monetary Fund has said that a national fund equivalent to 2-4 percent of the country's gross domestic product would be sufficient for resolution purposes.
IS IT A DONE DEAL?
Far from it. This is just the continuation of a debate that has split EU states.
Barnier wants a pre-funded element even though banks christian louboutin authentic , some central bankers and policymakers say this will create "moral hazard" as banks would have no incentive to curb risky behavior, knowing a rescue fund is at hand. Barnier says the funds must not be big enough to bail out a bank christian louboutin authentic , simply to wind it up with minimum market disruption.
There is also a debate over where the levy should go.
France and Britain say it should go straight into national coffers and not into any special fund. Sweden has already set up a ringfenced fund and Germany has plans to do so.
Britain is also looking to introduce its own levy while the United States has proposed a levy on its banks but only to recoup taxpayer cash used to shore up banks so far.
A meeting of EU finance ministers in April gave up trying to reach a consensus for now but they agree there is a need to confront the issue as large cross-border banks like Deutsche Bank, HSBC, Santander and BNP Paribas dominate the sector so coordination among st