EU open to softer stance on banks' regulation

Brussels

AFTER years of aggressive regulation reining them in, Europe's banks are starting to get some slack from the policy makers in Brussels.

The European Union has opened up the entire financial rule book for review, including contentious issues such as the cap on bankers' bonuses. Faced with weak banks and an anaemic economy, regulators have made clear that global standards will be adapted to suit Europe's needs. The legislative conveyor that churned out more than 40 laws after the crisis to curb banks' risk-taking and enforce market discipline has slowed to a crawl.