Dutch bank chief wins over US on new rules. IMF-Fed Takeover is Actually Implementation of Basel III

Dutch bank chief wins over US on new rules
17 April, 2011 - 14:33

The US is committed to implementing new international agreements for banks, according to the president of the Dutch central bank, Nout Wellink. The bank’s chief made his comments on Saturday in Washington at the end of spring talks of the World Bank and the International Monetary Fund (IMF).

US Treasury Secretary Timothy Geithner announced at the meeting of international bankers that the US had agreed to conform to the rules laid down in the so-called Basel III framework which was endorsed in November 2010. The Basel Committee was set up to foster international cooperation on banking supervision, but there were still many gaps in the implementation part of the accord. “If the Americans don’t cooperate, many other people will ask the question why they should have to,” said Mr Wellink, also chairman of the Basel Committee.

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[link to m.rnw.nl]