Eurocrats in Brussels enjoy the thought that Germany could face fines of Ecu250,000 ($287,500) a day for failing to implement the EU’s investment services directive (ISD) and the capital adequacy directive (CAD).
They regard it as “disgraceful” that such a key member of the single European market is two years late, and they want some revenge. Enforcing these two directives designed to harmonize standards of investment services, risk management and soundness of financial institutions across the EU is hard enough without one recalcitrant member adding to the disharmony.
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