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EU's Basel carveouts maintain banking sector's competitiveness, Dombrovskis says

( November 8, 2022, 14:24 GMT | Official Statement) -- MLex Summary: Carveouts for banks in the EU's rollout of the globally-agreed Basel prudential standards will "maintain the sector's competitiveness" and "take specific features of Europe's banking sector into account," European Commission Vice President Valdis Dombrovskis said at a press conference. EU governments agreed today on a common stance on implementing the updated standards. As previously reported by MLex, the stance leaves intact a range of carveouts for EU banks, setting policymakers up for a fight with financial supervisors who warn that the exemptions are unjustified and leave risks unaddressed.Speech follows....

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