EU finalising its proposal for Basel II framework, says EU official

The European Union is in the final stages of completing its proposal for the new European framework for Basel II, Alexander Schaub, director general of the EU internal market directorate has said

Schaub said in his testimony to the US House Financial Services Committee on May 13, that the preparations would result in Europe's implementation of the new framework by year-end 2006. Schaub was testifying before the US Congress on US-EU Regulatory Dialogue.

"In Europe, all international banks will implement the framework, whatever their size or level of complexity. Given this wide application, we will implement the framework with modifications where necessary, but such modifications will

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