U.S. stance on Basel bank rules worrisome: ECB

European Central Bank (ECB) executive board member Lautenschlaeger attends at a news conference at the ECB in Frankfurt

FRANKFURT (Reuters) – U.S. proposals to change and delay the implementation of global banking rules are worrisome and may pose a risk to financial stability, European Central Bank Executive Board member Sabine Lautenschlaeger said on Wednesday.

“I find the most recent proposals by the US Department of the Treasury worrying,” Lautenschlaeger said. “It looks as if elements of the global reform might be postponed or not even implemented.”

“In my view, purely national initiatives will not improve the stability of the financial system, quite the opposite,” she added.

The U.S. Treasury earlier this month unveiled a 150-page report that suggested more than 100 regulatory changes, raising concerns that rules may be watered down and would not be sufficiently uniform across various jurisdictions.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)