EU Watchdogs Urge Commission To Enact Basel III Reforms

By Najiyya Budaly (September 8, 2021, 3:48 PM BST) -- Europe's banking watchdogs have told the European Commission to implement Basel III reforms as soon as possible because they remain "critically important" for addressing shortcomings in existing rules, after the executive body pushed the rules back by a year during the COVID-19 pandemic.

The European Central Bank and the European Banking Authority called on the commission to bring the Basel III rules into force in a "full, timely and faithful manner." The regulators said that the reforms are essential for ensuring that banks can withstand crises and are necessary for the global financial system to function properly.

The global Basel III...

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