Through the European Commission (EC), the European Union (EU) is seeking comment on potential unintended effects of the post-crisis rules on economic growth and stability. The EC’s effort follows one in Basel that has so far led to greater work on comparability and standardization, rather than to a cumulative assessment of the interaction of all of the new global financial requirements not only for banking, but also across the financial-services industry, as the EC contemplates. There is no comparable effort in the U.S., although the United Kingdom has indicated its single governing framework across the sector will lead to this type of comprehensive analysis on a going-forward basis.
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