Smaller EU states push to block plan to strengthen finance supervisors

BRUSSELS (Reuters) – Smaller European Union states led by Luxembourg pushed on Tuesday to block a plan to strengthen the bloc’s financial regulators ahead of Brexit.

The plan is meant to avoid a situation under which, after Britain leaves the EU, national regulators can offer sweeteners to London-based financial firms.

At a meeting of EU finance ministers, large EU states including France, Germany, Italy and Spain insisted on agreeing the reform before European elections in May.

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