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I wonder how much this regulation has to do with the EU commission being terrified after Brexit and wanting to create more financial linkage between member stat

I wonder how much this regulation has to do with the EU commission being terrified after Brexit and wanting to create more financial linkage between member states. I feel this regulation may backfire in that regard. What will an institution like Deutsche do if/when they fuck up implementing this ? What will the government do in response ? Especially given the state of European banks (TLDR: who are going to need a bailout soonish).

genmon 10y ago
It pre-dates Brexit. It's coming into force now, but legislation passed in Nov 2015, and was being developed for some time before that
ErrantX 10y ago
A lot of PSD2 was pushed for by the UK I believe, pre Brexit
- robhu 10y ago
  Indeed, and the EBA is based (for the moment at least!) in London.
matt4077 10y ago
Creating "financial linkage" is an obvious direct result of the EU's primary mission. Regarding the risks you (and other in this thread) mention: This really isn't something that has any impact on the system's exposure to risk. It's just a technical process for moving information and (limited amounts of) money between banks and financial service companies. If you're worried about a meltdown of the banking system, you have to look at the regulations on capital requirements, accounting standards, asset valuations etc.