Governor says letting banks run dangerously low buffers was 'tragic' error

Tim Geithner, the US Treasury Secretary, yesterday attacked the UK's lax pre-crisis financial regulation as he warned countries against adopting soft rules to lure new business.

Outlook For those who do not share the europhobic tendencies often seen in the City, the development of the new European Securities and Markets Authorities is heartening.

Bold new strategy as banks deal becomes latest image problem

EU financial services chief Michel Barnier accused bankers of "blackmail" for threatening to quit the City for more friendly regulatory regimes in Asia at a hearing of the Treasury Select Committee.

Michel Barnier, the European Union's Financial Services Commissioner, has bowed to pressure to appear before MPs to discuss Brussels' plans for financial regulation.

Outlook Policymakers get awfully cross when their will is denied: the indignation of Andrew Tyrie, the chairman of the Treasury Select Committee, over the decision of Michel Barnier not to appear before him and his colleagues jumps off the page of the open letter he has sent to the European Commissioner for Internal Markets' boss demanding a change of course.

Westminster and Brussels are set for another collision as MPs try to haul a recalcitrant EU commissioner before them for questioning.

Insurance companies have until 2013 to adhere to new capital rules, after delays to the introduction of Solvency II by European regulators.

A Europe-wide tax on banks will provide funds to ensure that future banking failures are not at taxpayers' expense, the European Commission said today.

Britain is prepared to press ahead alone with a tax on banks to insure against future collapses, new Business Secretary Vince Cable said.

In The Spotlight

Moody's, Fitch and S&P can shake up the markets and change a country's fortunes – but is it time to curb their influence, asks Nikhil Kumar

Rating agencies were hit with a fresh blow yesterday after the European Union's financial services chief promised an investigation into the way they work, after a rapid series of downgrades to Greece's sovereign debt.