EU's Barnier says Basel capital rules need support from US
Banks in the European Union risk being left at a disadvantage if the U.S. fails to adopt global capital rules, the region’s financial-services chief said. Michel Barnier, the European Union financial services commissioner, said he’s seeking a “level playing field” in the way countries including the U.S. implement changes proposed by the Basel Committee on Banking Supervision last month. “I will raise this question during my visit to the U.S. at the end of this month,” Barnier told the European Parliament in Brussels yesterday. He said he’ll be “vigilant” to the way non-EU nations “implement in due time” the reform. Lawmakers at the assembly said they’re also “very much concerned” about the threat to EU banks, in approving a report on the Basel plan.