Maria Luís Albuquerque, European commissioner, rejected the banking sector's calls for the European banking reform to be split into two phases. The commissioner guaranteed that the process is not being conducted for the benefit of banks, but rather for the European Union economy in general.
Albuquerque called for the need to look at the reform as an integrated package, arguing that all elements of the proposal are interconnected with each other.
Banks had been pressuring for the reform to be split into two parts, possibly to allow more time to adapt to some of the new regulatory requirements. However, the commissioner did not yield to this pressure, maintaining the position that the reform must advance as a whole.
