Leader across the Atlantic are planning to throw a spanner in President Obama's work. European Union finance are oppose to President Barack Obama's proposal to limit banks' size and proprietary trading, saying his plan run counterintuitive to EU policy, says a draft document.

Facing the backlash of American taxpayers over 'the socialization of losses' incurred by Wall Street, Obama last month urged the adoption of the 'Volcker rule'.

The plan would bar commercial banks from owning hedge funds and limit how much they can trade for their own account. EU will ratify their position at a two-day meeting starting today in Brussels. EU expressed its concerns over pushing risks to other parts of the financial system and labeled the practices as 'against practice of Universal Banking and Internal Market'.

Earlier in January in Canada, G-7 finance ministers signaled rallying around a plan to introduce a levy on banks if it can be applied worldwide. EU's objection shows that a lot of work still needs to be done before arriving at a common platform, since taxes are a matter dealt with at the national level.