Key quotes excerpted from original statement in French:
"Thanks to the hard work of the national delegations and the Danish Presidency, we have marked important progress today. Member States have given the Presidency a mandate to start the next and final step: negotiations with the European Parliament.
"In the coming weeks, we need to find a global agreement to meet our Basel III commitments on time. Now more than ever, we need unity on bank regulation. Weak bank capitalisation, weak and poorly harmonised liquidity rules, and fragmented and uncoordinated supervision were all contributing factors to the financial crisis.
"The rules we are proposing are crucial: once adopted, they will profoundly alter the behaviour and solidity of financial actors. Our overall objective remains to strengthen the resilience of the banking sector in the EU while ensuring that banks continue to finance economic activity and growth. The final compromise must contribute to financial stability, the necessary basis for growth and employment.
"The compromise reached today broadly complies with Basel III requirements, and therefore with our commitments to the G20. It recognises the importance of the single market. It does not mean that it is perfect. I believe some improvements are still possible [during the trilogue negotiations]. It is possible to find a final agreement before the summer."
Statement
Full statement in French
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article