EU Bank Watchdogs Urged to Loosen Up as Wall Street Gains Edge

European Union banking and markets watchdogs should factor in the bloc’s flagging competitiveness alongside their job of overseeing the finance industry, the region’s top political group is demanding ahead of an overhaul of the EU’s rulebook.

“To support Europe’s broader growth agenda” the mandates of supervisory authorities should be “broadened to include an explicit competitiveness dimension,” the center-right European People’s Party said in a document seen by Bloomberg, referring to the agencies overseeing banking, securities markets and insurance.

The EPP, which has the most seats in the EU Parliament, is seeking to set the agenda for a review of the ...