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EU proposals 'a good start' in preventing future crises

Tuesday 08 March 2011 by Gina Le Prevost

European proposals that are intended to reduce the possibility of future financial crises have been welcomed by the British Bankers' Association (BBA), a view that may interest those in finance jobs on the continent.

The proposals set out measures to strengthen the oversight of financial institutions and end the scenario of banks being 'too big to fail' by ensuring that those that do enter difficulties will not pull down the wider economy with them.

Commenting on the plans, chief executive of the BBA Angela Knight said: "This industry is building for a future in which we achieve the right balance between enabling a banking industry which can support growth but which also fully understands that in the event of future failure the taxpayer cannot be expected to stand in."

She added that positive steps have been taken in the UK to achieve this and it is now important to build on this start at an international level.

Recent assessments from the European Commission have suggested that the recovery from the economic downturn is gaining strength on the continent, with investments and exports faring well.