1st June 2011
"The level playing field must be a reality, not an empty slogan," Barnier wrote in the May 27 letter which the newspaper said it had obtained.
"As you may recall, we implemented Basel II already in 2006," Barnier wrote. "It is essential to respect the deadlines agreed last year."
The United States has yet to fully implement Basel II. In November, global regulators endorsed Basel III – a new set of rules that will phase in tougher bank capital and liquidity requirements over six years from 2013.
Barnier, who is in charge of a regulatory overhaul of banking in the EU's 27 countries, was quoted as saying he believed the U.S. approach on bonuses for financial executives "leaves too much latitude for financial institutions" and allows them to "circumvent globally agreed principles."
"I think you agree with me that bankers' bonuses is a matter that continues to cause public outrage," he wrote.
"Getting this matter right is key to restoring our citizens' confidence in the financial system – and ultimately – their confidence in the public authorities regulating the financial institutions."
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