Changes needed for Basel III: EU official

Brussels

A PLANNED reform of global banking rules being discussed by the United States, Europe, Japan and other major economies risks negatively affecting European banks and needs to be changed, the EU financial services commissioner said on Thursday.

The Basel Committee, a body of banking supervisors from nearly 30 countries, set the year-end as deadline to conclude an overhaul of banking rules - known as Basel III - meant to make the sector safer.