January 3, 2013 / 2:20 PM / in 5 years

Germany's Schaeuble calls on U.S. to stick to Basel III decision

BERLIN, Jan 3 (Reuters) - German Finance Minister Wolfgang Schaeuble urged the United States to stand by its political decision for tougher bank capital rules and said he was confident Europe would complete the necessary details this year.

“I am confident that in the course of the year we will complete (the details) in time to be able to start building up the additional capital required in the timeframe set by Basel III,” Schaeuble wrote in an essay seen by Reuters on Thursday.

“I also expect from our American partners that they too stick firmly to the political decision to introduce the new set of rules,” he added.

Major financial centres like the United States and the European Union are delaying the start of the world’s main regulatory response to the 2007-09 financial crisis, which requires banks to triple their basic capital buffers in stages.

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