France defends banking reform

France has introduced a long awaited bank reform bill and dismissed criticism that the measures fell short of campaign promises by French President Francois Hollande to get tough on bankers.

French Finance Minister Pierre Moscovici said the reform was inspired by reforms currently being pushed through by the EU and was above all meant to ”protect the deposits of savers.”

But critics said the measures either put too big a strain on banks already saddled with new regulations, or failed to free the heavily indebted French state from the fate of the country’s lending giants.

via Business feed http://www.scmp.com/business/banking-finance/article/1108952/france-defends-banking-reform