Barnier: US will implement Basel III
Europe's internal markets commissioner dismisses suggestions that US will retreat from new rules, but says "technical delays" are possible on both sides of the Atlantic
The US is committed to implementing the Basel III framework – but there may be unspecified technical delays on both sides of the Atlantic, according to Michel Barnier, European Commissioner for internal market and services, who was speaking at a lunch in New York on February 15.
Both the US and Europe have missed targets to implement the new prudential framework at the start of this year, and sceptics have long warned that the US could end up going down the path it followed for Basel II, which
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