European banks are intensifying their calls for regulators to remove obstacles to cross-border banking services in the EU, claiming they are increasingly being put at a disadvantage against bigger US rivals.
In a report released on Tuesday, many of the top lenders in Europe criticise regulators for trapping hundreds of billions of euros in capital and liquidity behind national barriers, being too slow to approve mergers and failing to harmonise EU rules.
“In theory, you can collect deposits in Germany and make loans in Italy — just like you can get deposits in Kansas and lend them in California — but in reality you can’t because of national barriers,” said a senior executive at a large European bank.
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