EU suggests simpler rules for US adoption of Basel II

- Victoria Pennington
- 16 Mar 2007

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Charlie McCreevy, European commissioner for Internal Market and Services, has sent a letter to the US federal banking supervisory agencies saying US banks should be allowed to adopt Basel II using the simpler approaches, opted for by some European banks, putting them on a level playing field with their European competitors. McCreevy also suggested, and was backed up by US Treasury secretary Henry Paulson, that US regulators adopt a more principles-based approach to regulation.
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