Sport Europe commits the cure of its bank regulation
Opinion: Europe's energy crunch is giving Putin the upper hand
With natural gas supplies running short on the continent, David A. Andelman writes that Russian President Vladimir Putin's ability to pressure Europe is only growing.The warning was hardly veiled. Vladimir Chizhov, Russian President Vladimir Putin's tough-minded representative to the European Union, recently said that if Europe wants to resolve any future issues with its supply of natural gas quickly, treating Russia as a "partner," not an "adversary," will help.
The European Commission presented, Wednesday, October 27th, its transposition project of the 2017 International Basel III Agreement, supposed to prevent a new financial crisis. Its implementation is scheduled only from 2025.
The European Commission finally managed to appease the spirits, presenting, Wednesday, October 27, its reform of the banking regulation of the European Union ( EU). This text transposes into European law the international agreement between December 2017 in the Basel Committee, this forum bringing together the supervisors of twenty-seven countries and who works to strengthen the strength of the global financial system.
Swift and thorough White House review of vaccine mandate is critical
OIRA review increases the chances that the OSHA regulation will achieve its desired goals. That said, an OIRA review that drags on for months also reduces the benefits.COVID-19 is a problem now. While infection rates, hospitalization rates, and deaths from the pandemic are all declining, we are not out of the woods yet. The best way to ensure that the next wave of the pandemic is less severe and less extensive than previous waves is through vaccinations.
This agreement, obtained from high states between States with often divergent interests, has come to finalize the regulatory building gradually constructed in the aftermath of the 2008 financial crisis. The EU becomes the first jurisdiction to launch the transposition of these international measures.
The path was complicated to achieve a text taking into account the European peculiarities, while remaining in the spirit of Basel and multilateralism, in order not to discourage the United States, Japan, the United Kingdom or Brazil. in turn apply this regulation. All under the pressure of banks and some states that, like France, wanted to relax as much as possible the rules to preserve European financial competitiveness in the face of international competition.
Turkish lira at new lows after Erdogan fires bank officials
ANKARA, Turkey (AP) — The Turkish lira hit record lows against the dollar Thursday after President Recep Tayyip Erdogan fired senior central bank officials, heightening concerns over the Turkish leader’s interference in the bank’s activities. Erdogan dismissed deputy central bank governors Semih Tumen and Ugur Namik Kucuk as well as Abdullah Yavas, a member of the bank’s monetary policy committee, according to the Official Gazette. He appointed Taha Cakmak as a deputy governor and Yusuf Tuna as a member of the monetary policy committee. © Provided by Associated Press A man checks at prices at Karakoy fish market in Istanbul, Turkey, Thursday, Oct.
The key point of Basel III is included in the European "bank package": the introduction of a "capital floor" (or Output Floor). What is it about ? Today, two methods oppose to calculate the risks taken by the banks. US banks generally assess the risk of a borrower based on data from international rating agencies, it is the "standard" model. The European institutions favors "internal" models, by assessing the risks, based, in particular, of historical data.
The G20 had given mandate to the Basel Committee not to increase equity requirements too much to not penalize the financing of the economy
this second method has the advantage of reducing the volume of capital to put in reserve. To limit this gain, banks using the internal model in the future will not be able to fall below 72.5% of the level of own funds (or capital) required by the standard model. These new rules were to apply gradually from 2023, but the Commission wants to give more time to the institutions to adapt and proposes to delay their two-year application to 2025.
Yellen should utilize the resources available before pushing new regulations
I became very familiar with the databases within the Financial Crimes Enforcement Network — it was mind-boggling the amount of information available.Yellen is point person for the controversial legislative request to compel the U.S. banking system to produce inflow/outflow information pertaining to American bank account holders and substantive bank transactions to the IRS in order to facilitate IRS tracking of potential unreported income. The theory is that more bank reports on individual taxpayer/bank customers would assist in computing and assessing increased tax revenue.
In addition to this flexibility of calendar, the institution Temporarily adjusts some specific risk calculation rules, such as small businesses loans or home credit less risky in Europe than in the United States. According to the Commission's calculations, this finalization of Basel III reform should lead to an increase in the equity requirements of EU banks "less than 9% on average" by 2030. An online level. With the mandate given by the G20 to the Basel Committee not to too significantly increase additional capital requirements, not to penalize the financing of the economy.
If the European banks protested against this regulatory tightening, Joachim Wuermeling, a member of the Executive Board of the German Central Bank, said it could have been worse and that German banks "can be relieved". "This text is still insufficient, for example on the treatment of market risks or real estate credits, but it is a bargaining basis," says Nicolas Théry, President of the French Banking Federation and Crédit Mutuel. This proposal of the Commission must now be discussed with the co-legislators, the European Council and the MEPs.
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Hijab campaign tweets pulled after French backlash .
The Council of Europe released the posts for a campaign against anti-Muslim discrimination. A slogan on one advert read: "Beauty is in diversity as freedom is in hijab".Several prominent French politicians condemned the message and argued the hijab did not represent freedom.But some Muslim women who wear headscarves said the reaction showed a lack of respect for diversity and the right to choose what to wear in France.France's youth minister, Sarah El Haïry, said she was shocked by one poster, which showed a split image of one women wearing a hijab, and one not.