In a stunning move, the European Union signaled that it will not follow the Basel Committee's recommendations on standardized credit, operational and market risk rules, citing concerns that the direction of the proposals would unduly increase capital requirements and stifle economic growth.
source http://www.americanbanker.com/news/law-regulation/eu-breaks-ranks-with-basel-will-not-implement-new-rules-1091688-1.html
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