Michel Barnier, the EU's internal-market commissioner, voiced support for an economic-growth pact, which would complement the region's austerity push. "I am advocating that we prepare a European growth initiative in addition to the agreements on budget discipline," Barnier told a German newspaper. He said the initiative would include "project bonds" to finance infrastructure, use of EU structural funds and increased funding for the European Investment Bank.
Michel Barnier, the EU's internal-market commissioner, said the European Commission will establish a group to look into separating retail banking and investment banking to reduce risk. "It will have a look on that subject of structure of banks and separation in risk management," Barnier said. The idea is based on similar efforts in the UK and the US.
Michel Barnier, the EU's internal-market commissioner, is poised in October, at the earliest, to reveal draft legislation that would have senior bondholders of troubled banks take losses, sources said. The EU is postponing the measure because of market turbulence and other issues, the sources said.
Michel Barnier, the EU's internal-market commissioner, said officials are not considering a restructuring of Greece's debt. Barnier said banks' options are "keeping their exposure to Greek debt longer and clearly not pulling out, or risking losing a lot a bit later. The question of a restructuring is not on the table".