The Group of Central Bank Governors and Heads of Supervision (GHOS) has pushed that all aspects of the so-called Basel III framework should be implemented in a “full, timely, and consistent manner” to avoid unfair competition among global banks. The group said the final elements of new bank capital rules designed to avoid the taxpayer bailouts seen during the global financial crisis should be implemented as soon as possible. The European Union has proposed implementing the final elements from 2025, two years later than a globally agreed deadline of January 2023. GHOS said that members unanimously reaffirmed their expectation of implementing these standards as soon as possible. They also agreed to reappoint Pablo Hernández de Cos, Governor of the Bank of Spain, as chair of the Basel Committee for a second and final term.
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