U.S.’s Lew, EU’s Barnier Pledge to Implement Basel III Pact

U.S. Treasury Secretary Jacob J. Lew and Michel Barnier, the EU’s financial services chief, reaffirmed their commitment to implementing an international overhaul of capital and liquidity rules for their banks.

The officials “agreed upon the importance of strong U.S.- EU cooperation on implementing” the standards, known as Basel III, including limits on bank indebtedness, Barnier and Lew said in a joint statement after meeting in Brussels today.

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