New international capital standards, known as Basel III, are relevant for all countries and all banks across the globe, and any delay in their implementation could have serious consequences for global stability, Nout Wellink, a member of the European Central Bank's governing council, said Thursday.
Speaking at a meeting of the Financial Stability Institute in Cape Town, Africa, Wellink said "efforts to delay or weaken the agreements will jeopardize financial stability and the robustness of the recovery over the long term."
Wellink, who chairs the Basel Committee on Banking Supervision, also said that "each country must determine if it has banks of a size and complexity relative to its domestic economy that are too big to fail and should take appropriate measures."
Source: http://online.wsj.com
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