European finance ministers agree on Basel III rules

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The Council of the European Union today (May 15) announced that unanimous agreement had been reached on the draft rules that would implement Basel III in the region.

The news followed a vote at the European Parliament yesterday when stronger bank capital requirements were also agreed upon.

"Thanks to the hard work of the national delegations and the Danish Presidency, we have marked important progress today," said commissioner Michel Barnier. "Member States have given the Presidency a mandate to

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