Fed governor urges calm over Basel II

LONDON – Federal Reserve governor Susan Schmidt Bies tried to calm European nervousness over the US's approach to Basel II implementation in a mid-October speech at a British Bankers Association conference.

In her speech, Schmidt Bies emphasised the fact that she believes the US will eventually implement Basel II by arguing that a failure to implement Basel II would be unthinkable. "Supervisors should continue to support approaches that minimise the negative consequences of risk-taking by financial institutions, particularly those institutions that could contribute to financial instability," she said. "One such approach is the Basel II framework."

Schmidt Bies also argued that the framework is of

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