Mairead McGuinness says one-year deferral of market risk rules will preserve ‘level playing field’
European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness. The EU will defer the application of key provisions of post-crisis banking reforms by one year, arguing that expected US delays to Basel implementation would disadvantage lenders in Europe.
“Essentially it’s down to a level playing field. We have decided, given all of the evidence and delays elsewhere, to postpone the market risk rules,” Mairead McGuinness, the EU commissioner for financial services, said.Central Bank tells Government directly to change budgetary stance French president Emmanuel Macron recently called on the EU to “revise the application” of Basel, saying the EU “cannot be the only economic area in the world that applies it”.
Jay Powell, chair of the Federal Reserve which is part of the US efforts behind Basel Endgame, said earlier this year that “broad and material changes” were likely to be made to the final rule. Ms McGuiness also expressed deep frustration over the EU’s failure to make progress on integrating its financial markets, complaining the latest proposal by the commission to harmonise the EU’s 27 different insolvency laws was “significantly watered down” by the parliament and member states.
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