Germany, France and Italy urged the European Union to show restraint in financial rule making and instead focus on boosting the competitiveness of its banking sector, the latest sign of a global political shift to prioritize economic growth over regulation.

The letter to the bloc's executive body was signed by 14 of the 27 EU member states, including Germany, France and Italy, and three countries from the European passport-free Schengen area - Norway, Switzerland and Liechtenstein.

Germany’s chancellor Olaf Scholz is poised to oppose trade tariffs on Chinese electric vehicles (EVs) in a move underlining deep political splits within the European Union. In a key vote this morning,

Germany on Friday will vote against the introduction of European Union tariffs on Chinese electric vehicles, people with knowledge of the matter told Reuters on Thursday.

Under EU rules, the Commission can impose the tariffs for the next five years unless a qualified majority of 15 EU countries representing 65% of the EU’s population votes against the plan.