The European Union is assessing its options following Britain's announcement of a delay in enforcing stricter global bank regulations until 2027. It emphasized the importance of full and timely implementation of the reforms, stating that it is in the best interest of all parties involved.
Olof Gill, spokesperson for financial services at the European Commission, mentioned in an email that "(The EU) is now considering which steps to take on this in light of developments in other jurisdictions, including the US and the UK."
The EU had previously postponed the implementation of the Basel rules to January 2026. Gill reiterated that international standards aim to ensure banks' resilience and global competitiveness under fair conditions.
He emphasized, "The EU is fully committed to Basel standards and believes that it is advantageous for everyone to adhere to them comprehensively and punctually."