MNI: Buba Dombret Says US Must Completely Implement Basel III

By Christian Vits

     FRANKFURT (MNI) - Bundesbank Board member Andreas Dombret Tuesday urged the

United States to implement the third Basel accord regulatory framework for the

banking sector.

     "I call on all parties involved to adhere to their words and to implement

the compromise completely and without lowering one's sights," he said in a

speech in Frankfurt. 

     "The US as well must unconditionally implement Basel III -- and all parts

of the reform. Otherwise the German representatives can't agree on this

difficult compromise."

     He added that Basel III is "technically finished, a compromise is within

reach." What's more, the intended compromise on Basel III is "better than its

reputation suggests," he noted.

     The UK's Brexit will be the biggest medium-term challenge for the European

economy and the financial industry, Dombret said. If a so-called hard Brexit is

executed, production, service and supply chains would be interrupted and

therefore massively weaken European labour division and trade, he warned.

--MNI Frankfurt Bureau; +49 69 97782671; email: christian.vits@marketnews.com

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