Basel III will cost 9m G3 jobs by 2015, say banks

The Institute for International Finance (IIF), a trade body for the banking industry, has claimed that the Basel Committee's new liquidity and capital rules, dubbed "Basel III", will have a marked impact growth and employment in the G3 regions of the United States, eurozone and Japan.

In a report out Thursday, said by 2015 the level of G3 real GDP under the new rules would be about 3.1% below what it would otherwise be. Thereafter, the drag on growth faded "very notably." For the United States,

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