Trichet pushes for regulatory convergence

Progress towards more consistent EU banking rules and cross-border information sharing is absolutely critical, Jean-Claude Trichet, the president of the European Central Bank, said on Monday.

Speaking in Brussels, Trichet said significantly reducing the national options and discretions enshrined in the Capital Requirements Directive, the EU's version of Basel II, was the main priority for member states. The national options and discretions "hamper consistent implementation", the president said.

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