The EU must stand by its commitment to full implementation of Basel III standards to enhance financial stability

At the initiative of Finance Watch, in an letter signed by 36 organisations and 79 individuals, Greentervention called on co-legislators to reconsider their deviations from the international banking rules and steer Europe back on course with a timely, full and faithful implementation of the Basel III framework at EU level.

The current looming banking crisis should remind us that banking regulation is not always sufficient – as shown by the recent failure of SVB – or getting better as banks lobby hard to weaken the regulatory burden. Compliance with regulation is however a starting condition towards a safer banking sector, necessary step but not sufficient and this letter should only be seen as a starting point – banks should comply with the agreed standard – without forgetting that further regulatory improvements, in particular towards sustainability and climate risk, are still overdue.

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