* Delaying Basel III rules in US hurting trans-Atlantic
* Deutsche Bank co-CEO says French reforms absolutely
important for Europe
* Says commitment to banking union would ease uncertainty
FRANKFURT, Nov 15 Delaying the introduction of
the new Basel III banking regulations in the United States is
hurting trans-Atlantic relations, Deutsche Bank co-chief
executive Juergen Fitschen said on Thursday.
"We can only call on all parties to return to the table as
quickly as possible to restore trust," he said at an event late
The comments come after U.S. banking regulators said earlier
this month they did not expect the Basel III rules, designed to
make the global banking system more resilient in the aftermath
of the financial crisis, to take effect on Jan. 1.
"And when the whole thing is called un-American, I can only
say in disbelief, who can still believe in this day and age that
there can be purely European or American rules," he said,
referring to comments JPMorgan CEO Jamie Dimon made in a
Financial Times interview two months ago.
Fitschen also said that he firmly believed Europe would
manage to solve its current crisis, but warned that Germany's
neighbours such as France also needed to contribute their share.
"That is not easy because maybe they have not come to the
realisation that they must tighten their belts too," Fitschen
said at a business group dinner on Thursday in Frankfurt.
"This must work with France. That is absolutely important
for Europe," he said.
The comments come amid reports that Berlin is worried that
too little is being done to revive Europe's second-biggest
economy, and France's prime minister vowing to tell German
Chancellor Angela Merkel that France will reform at its own
Another factor that would contribute to reducing uncertainty
in financial markets would be a commitment to a banking union at
an upcoming European Union summit in December.
"If they say in December, yes, we back a banking union. And
if everything is then set for the ESM (rescue fund), then at
least many would realise that there cannot be another banking
crash, even though sovereign debt is still too high in many
areas," he said.