EU bank regulation debate intensifies

The debate over banking supervision in the European Union intensified in April as Britain and Germany argued for keeping regulation under the aegis of national regulators, while many central bankers argued that the role should be left to the European Central Bank (ECB).

European banking supervision needs restructuring in order to cope with the new capital adequacy rules - modelled closely on those proposed in the Basel II capital accord - that the European Commission wants to bring into effect in late 2006 as the Basle accord comes into force for internationally-active banks in the world’s leading economies.

The commission, the EU’s ruling body, wants to apply the rules to all banks and investment firms in the 15-nation EU.

Banking industry analysts say the

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