The Nava-gator
The European Commission (EC) is drawing up text that will turn Basel III into European law. The trick will be to keep the 27 member countries of the European Union happy, while ensuring the rules do not diverge dramatically from those implemented elsewhere. It sounds challenging, but the EC’s Mario Nava tells Duncan Wood it can be done
On paper, the process of transposing Basel III into European law should be relatively smooth – nine of the European Union’s (EU) 27 member states sit on the Basel Committee on Banking Supervision. The remaining 18 were represented during the drafting process by the banking and financial conglomerates unit of the European Commission’s (EC) internal markets directorate, which is led by Mario Nava. As a result, there ought to be broad agreement among member states before Nava and his team propose
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