The dispute underscores the economic and political tensions that have long strained global agreements designed to prevent another banking meltdown.
The lobbying battle marks the last phase of an effort by regulators around the world to protect their economies and taxpayers from banking instability that helped fuel the Great Recession.
But European banks have struggled to compete with U.S. lenders. “The revenue growth, profitability and valuations of European banks have been trailing behind their U.S. peers since the [financial crisis],” anAs a result, EU politicians have agreed to numerous carveouts from the Basel agreement to protect the industry, taking a lighter touch to products including low-risk mortgages and loans to companies without a credit rating, to limit the capital blow.
“Watering down the safeguards provided by agreed global standards now would send a detrimental message not only on the future resilience of EU banks, but also regarding the EU’s commitment to international agreements,” European Central Bank vice president Luis de Guindos said in June.
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