The European Union has sharply criticized Spain for failing to implement the new Capital Requirements Directive.

Before this, the committee had previously criticized Madrid for trying to obstruct BBVA, Spain's second largest bank, in its intent to acquire Sabadell. In a letter, the European Commission clearly informed the Spanish government that its actions had violated certain provisions of the EU's Single Supervisory Mechanism (SSM), the Capital Requirements Directive, and the Treaty on the Functioning of the European Union. Expand