MNI BRIEF: ECB Wants EU Action On Basel III, Crypto Exposure

Politicians in Brussels need to speed up efforts to fully implement the final elements of Basel III, ECB vice president Luis de Guindos said Thursday, as he highlighted the risk tighter financing conditions pose to firms, households and euro area sovereigns. He called for “ambitious and rapid progress” on the envisaged exposure limit to reduce contagion between crypto and banks, and said regulation of non-bank financial intermediaries also needs to be stepped up.

“Your role as co-legislators will be crucial in keeping our framework robust,” de Guindos said. “We are very concerned about the numerous deviations from the Basel standards introduced in the EU banking package and think they should be avoided.”

It is also "imperative" that banking union is completed, he added.