EU's Barnier to propose new banking law in October

LONDON Fri Jul 12, 2013 6:55am EDT

European Union Commissioner for Internal Market and Services Michel Barnier addresses a news conference in Brussels July 10, 2013. REUTERS/Francois Lenoir

European Union Commissioner for Internal Market and Services Michel Barnier addresses a news conference in Brussels July 10, 2013.

Credit: Reuters/Francois Lenoir

LONDON (Reuters) - The European Union's financial services chief said on Friday he will propose a draft law in October to manage risks better in the bloc's 8,300 banks.

Michel Barnier, during a visit to London, said the draft law will be in tune with the Liikannen Report earlier this year on possible steps to curb risks at big banks.

Barnier said the draft law would also remain "coherent" with steps already being planned by France and Germany.

(Reporting by Huw Jones; Editing by Anthony Barker)

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