German finance minister calls for Basel III

FRANKFURT - Germany's finance minister, Peer Steinbrück, is proposing more risk regulation following the subprime fallout.

In German magazine Spiegel, he calls for debate on more regulation to increase the capital reserves banks must hold to offset their higher-risk products. He says the liquidity crisis that has arisen from the US subprime mortgage drama recently has revealed the inadequacy of the international Basel II risk regulations - making a new round of 'Basel III' regulation necessary.

Given Steinbrück's past emphasis on a voluntary code of conduct, his latest comments appear to be a complete U-turn in

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