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EU's Barnier says U.S. should respect Basel III

Jan 31 2013 Reuters

The United States should implement Basel III bank capital rules in the same way as Europe does, at the beginning of 2014, the European Union official in charge of regulation said. "It is essential that the United States and Brasil and Russia apply the same rules that we decided together. It is a condition for world financial stability, not only for the G20, but for global stability," Michel Barnier, European Commissioner for financial services, told a conference on Thursday. The comments confirmed that formal introduction of the rules, forcing banks to roughly triple how much capital they hold compared with pre-crisis levels, will be delayed a year in Europe from the January 2013 start the G20 had agreed. EU states and the European Parliament are haggling over a law that implements Basel III in the 27-country bloc. Barnier said he expected agreement in coming weeks. In November, U.S. regulators decided to delay formal introduction of Basel III because of "the

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