Agreement at last, but the hard work is far from over

The EU will soon have new banking rules, but the risks remain.

The tougher prudential rules for banks that have – almost – been agreed by the European Parliament and the European Union’s member states are by no means the end of the banking-reform story. While they are a piece of the post-Lehman jigsaw aimed at ensuring that the task of saving the financial industry is no longer shouldered by taxpayers, the giant leap that EU policymakers promised three years ago is still in mid-air.

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