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Financial News: ECB's Lautenschlager Voices Worry Over US Treasury Regulat

ECB's Lautenschlager Voices Worry Over US Treasury Regulatory Reform Proposals

06/28/2017 - 09:19:00 (RTTNews)

(RTTNews) - Recent financial regulatory proposals made by the U.S. Department of the Treasury are worrying and suggest that some elements of global reform might be postponed or not even implemented, European Central Bank Executive Board member Sabine Lautenschlager said Wednesday.

"This involves important areas such as the new rules on the trading book," Lautenschlager, who is also the Vice-Chair of the Supervisory Board of the ECB, said at an event in Bonn, Germany.

"In my view, purely national initiatives will not improve the stability of the financial system, quite the opposite."

Earlier this month, the US Treasury Department released a 150-page report on financial regulation that listed more than 100 reforms, most of which, critics allege, would weaken restrictions on big banks.

Lautenschlager stressed that it was all the more important that the European Union implements the Basel standards and that the rules must be harmonized as far as possible for the European banking market.

"This ensures fair competition and prevents banks from exploiting regulatory differences," she said.

"Ultimately, harmonized rules pave the way for a stable banking market."

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