The EU will defer the application of key provisions of post-crisis banking reforms by one year, arguing that expected US delays to Basel implementation would disadvantage lenders in Europe.
The move, championed by France, raises further doubts over the enforcement of the so-called Basel III package, an ambitious overhaul of bank regulation agreed in the wake of the 2008 financial crisis that the EU was planning to complete by 2025.
Following signs that US regulators would allow their timeline to slip for the so-called “Basel Endgame”, the European Commission decided to defer the “fundamental review of the trading book” (FRTB) to January 2026.
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