LONDON—The European Union is hoping the financial overhaul moving through Congress will converge with EU calls for more regulation to fix the failures that led to the 2008 banking and credit crisis.
The U.S. overhaul is being welcomed by EU leaders from French President Nicolas Sarkozy to British Prime Gordon Brown, who have long argued for the need to reign in the financial system -- but trans-Atlantic accord starts to falter however when leaders move from broad goal-setting to implementation and details.
In particular, European officials are skeptical of proposals to ban banks from risky trading on their own behalf. They fear it would handicap global European financial players such as Deutsche Bank AG and France's BNP Paribas SA.
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