France, Germany, Italy urge EU to consider Basel rules changes

France, Germany and Italy have asked the European Commission to consider changes to the EU’s Basel III framework implementation, due to come into effect in January, in order to protect “the competitiveness of the financial sector”.

The request — made in a letter sent by the countries’ finance ministers to the top civil servant in the Commission’s financial services department — comes as US regulators consider changes to so-called “Basel Endgame” regulations following industry lobbying. Politico on Friday reported on a draft of the letter, a copy of which has been seen by The Banker.