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The European Commission has written to the member state’s national banking authorities, asking them to detail policies adopted since the onset of the financial crisis in 2008 “that may be preventing free flows of funds across national borders”.
“Some actions by national authorities […] intended to protect local banking systems have prevented banks from moving funds to other countries,” notes the New York daily. The Commission’s step is “a possible early prelude to legal action that could result in fines for offending governments” says the WSJ, adding it is “a sign of rising concern in Brussels about national regulatory restrictions that threaten to slow healing of the region's battered and fragmented financial markets”.
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