Finalising Basel III is crucial for the EU banking sector

EU banks stand to be more heavily impacted by Basel III finalisation, but that is not a good reason to hesitate, says Pedro Duarte Neves

Euro sign, Frankfurt

European Union banks have weathered the pandemic crisis reasonably well. Most of the credit goes to the regulatory and supervisory changes that took place at global level under the leadership of the Financial Stability Board, with successful steering in the EU by the European Banking Authority and the Single Supervisory Mechanism.

The set of Basel III reforms is not, however, completed. It is now time to finalise Basel III, to tighten the standards on risk measurement and to restore credibility

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