Basel II grievances stir transatlantic tensions on new accord

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The United States' track record on implementing Basel II meant there was little chance that Basel III would be adopted in its entirety, which could leave Europe at a disadvantage, a top banker has said.

Michel Pébereau, the chairman of BNP Paribas, one of the eurozone's biggest banks, said: "I'm afraid that Basel II was not implemented in the United States, and my feeling is that if it had been implemented, probably the situation would have been different." The remark, which came in response to

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