EU talks on bank rules held, after delay
EU members states are expected to resume talks to finalise a draft law for the implementation of Basel III, which sets out to regulate banks following the 2007-2009 global economic crisis.
After successful talks in early December, member states were expected to reconvene to discuss final hurdles in reaching a deal on December 18. However, the meeting was postponed, which meant the EU could not meet the January 2013 deadline to implement Basel III.
On the same day the meeting was postponed, Sharon Bowles, the chairwoman of European parliament's economic affairs committee, said there should be wider consultation with lawmakers on current proposals.
With the latest setback, the EU joins another major banking centre, the US, in delaying the introduction of the Basel rules.
Lawmakers are expected to formally delay implementing the rules until January 2014.