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Brussels, 27 May 2011

Statement by Commissioner Michel Barnier on Basel III and its implementation into EU law (Capital Requirements Directive - CRDIV)

A few weeks ago, some people were accusing us of damaging the economic recovery by implementing rules which would be too tough for banks because they would impede their lending to the real economy.

Today, others seem to accuse us of the opposite with suggestions Europe would not be implementing Basel properly, thus not learning all the lessons from the crisis.

Both criticisms are unjustified and simply factually wrong.

And they will not affect my determination. I will not be swayed by various pressures.

Europe will implement Basel III: we have said it before and I confirm it to you today, the Commission's proposals to implement Basel III will respect the balance and level of ambition included in Basel 3.

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