Repeal of the Glass-Steagall Act separating commercial and investment banking would help European banks operating in the United States, according to a senior European Commission official.

Hugo Paemen, the European Commission ambassador in Washington, told bankers this week in New York that such changes in U.S. banking regulations would be particularly helpful to European banks that have merged with insurance companies but were forced to "de-bank" in the United States because of U.S. restrictions on such alliances.

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