UK taking legal action against European Central Bank - AAD Consumer Forum

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5corpio started a blog post UK taking legal action against European Central Bank
14 September 2011, 19:12

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UK taking legal action against European Central Bank

UK taking legal action against European Central Bank

Originally posted by 5corpio

The UK government is taking legal action against the European Central Bank (ECB) over a planned change to European banking rules that could harm the City of London. The ECB's plans would require clearing houses that handle more than 5% of the market in a euro-dominated financial product to be based in the eurozone.

The Treasury says the move would contravene European law.
It has started proceedings at the European Court of Justice. A Treasury spokesperson said: "This decision contravenes European law and fundamental single market principles by preventing the clearing of some financial products outside the...Read more on this story----> BBC News - UK taking legal action against European Central Bank
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