The European Parliament today voted down the interim agreement on SWIFT allowing US authorities to access EU citizens' banking data due to "concerns for privacy, proportionality and reciprocity".
The timing of the signing of the interim agreement, literally just before the European Parliament were due to get greater powers in the EU, can't have helped either.
A new agreement with the USA will be negotiated (see the Commission's reaction), and meanwhile a Mutual Legal Assistance Agreement will be utilised to exchange financial data for anti-terrorism purposes.
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