In France SFAF and World Pensions Council (WPC) banking experts have argued that, beyond fragmented national legislations, statutory rules should be adopted and implemented within the broader context of separation of powers in European Union law.
[14][15] This perspective gained ground after the Libor scandal broke news in June 2012, with mainstream opinion leaders such as Financial Times editorial writers in the UK and the Centre des Jeunes Dirigeants (CJD), a Business Federation in France calling as in 2008, for adoption of an EU-wide "Glass Steagall II".
In effect, he says: "bring back the Glass-Steagall Act of 1933 which led to half a century, free of financial crises.”[18] The 153 page final version of the report was published October 2, 2012.
The recommendations combined key features of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the UK’s 2011 "Vickers Report" by the Independent Commission on Banking.
Re 2)-5) Mechanisms to allow a bank to enter bankruptcy instead of the public having to rescue it: "The idea is to get taxpayers off the hook by ensuring that governments do not have to step in to safeguard deposits if traders blow a hole in their balance sheet”.