G-20 Nations Renew Commitment to Global Bank-Capital Overhaul
- Basel Committee should finalize reform, finance chiefs say
- Weidmann says progress should be made at committee itself
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Finance chiefs of the Group of 20 nations renewed their pledge to finalize an overhaul of global bank-capital rules, but stopped short of making progress on certain proposals that have led to a standoff between Europe and the U.S.
In the statement capping a two-day meeting in the German town of Baden-Baden, the G-20 urged the Basel Committee on Banking Supervision to finalize the Basel III reforms “without further significantly increasing overall capital requirements,” sticking to previous language. After the work already missed a year-end deadline, the document didn’t include a new time frame.