Barnier defends Basel III legislation


Michel Barnier, the European commissioner for Internal Market and Services, on Friday lashed out at suggestions that drafted legislation to implement higher capital requirements in Europe did not go far enough and left the door open to exploitation by some banks.

In an email distributed by the European Commission (EC), Barnier said accusations in the media that Europe would not be implementing Basel III properly were both "unjustified" and "simply factually wrong".

"I will not be swayed by

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