Germany wants to move the London-based European Banking Authority to Frankfurt after Brexit and merge it with the EU’s insurance authority, which is already based in the city, to create a super-agency overseeing their combined activities.
The German government appears to have French support for its bid to put the EBA and the European Insurance and Occupational Pensions Authority (EIOPA) together in Frankfurt. Two senior EU officials with knowledge of the situation confirmed that this formula — dubbed the “twin peaks” model — is under consideration, Politico,eu writes. Read more..
Meanwhile, global watchdog Transparency International said the European Central Bank needs greater oversight and more accountability, as it has strayed into the realm of political decision-making but without the necessary scrutiny.
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