ECB's Centeno Says Plans to Ditch Basel Rules Are Likely to Misfire.

European Central Bank Governing Council member Mario Centeno expressed concerns about the potential consequences of the US deviating from enhanced bank capital rules, urging Europe to adhere to Basel III standards. The proposed new bank capital rules, referred to as Basel 3.1, aim to impose stricter capital requirements on banks to prevent future financial crises. However, there are concerns about varying implementation timelines and adjustments made by different jurisdictions, with some arguing against a "race to the bottom" on Basel rules. French President Emmanuel Macron and Italian central banker Fabio Panetta have also weighed in on the issue. [Extracted from the article]