European Commission “stands ready to act if necessary” after U.S. said alterations to its plan were likely.
The EU has signaled it could relax the way it pushes through controversial international banking standards if it believes that's what's needed to better compete with the rest of the world.
The European Commission “stands ready to act if necessary” in light of “the uncertainty around the implementation of the standards in other jurisdictions and the importance of having an international level-playing field,” a spokesperson told POLITICO.
Any loosening of the Basel rules would raise questions about the bloc’s reputation for tight banking supervision, reigniting fears that the EU could be labeled “non-compliant” by the global banking standard-setter for straying too far from the internationally agreed standards.
© POLITICO
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