FRANKFURT, (Reuters) – The European Central Bank backed Thursday a proposal by the Commission to tighten oversight of foreign lenders within the EU. This has been a controversial issue ever since Britain’s departure from the bloc.

Frank Elderson (ECB Supervisor) stated in a blog that “The Commission… [is] strengthening the single market, minimising supervisory blindspots, and thus rendering supervision better,”. He was referring to a legal opinion.

EU lawmakers have been trying to get banks to lower the proposed rules. They claim that it will restrict companies’ access for international finance. [L8N2UY4OJ]