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LONDON: The European Union only scraped through a test of whether it complies with global banking rules aimed at making the financial system safer and avoiding another global markets meltdown.

The United States fared better in complying with bank capital rules know as Basel III which constitute the world's core regulatory response to the 2007-09 financial crisis that saw under-capitalised lenders being rescued by taxpayers.

The global regulators who wrote the rules marked Europe down over its lighter capital treatment on banks holding government debt, a sensitive issue in a region where several countries had to be bailed out.

The Basel Committee said its review of how the EU and United States, which account for most global banking assets, apply the rules found several instances where both fell short.

The committee, made up of supervisors and central bankers from nearly 30 countries, graded the 28-country bloc as "materially non-compliant", the lowest grade above a fail.

The United States was deemed to be "largely compliant".

Beyond Friday's "naming and shaming", Basel has no powers to enforce its rules or sanction rule busters.

Europe was braced for criticism from the Basel Committee. But lawmakers from the European Parliament, which approved EU rules comprising an amended version of Basel III, said the changes made in Europe were aimed at helping banks to finance the economy.

"The opinion of a body that is working without legitimacy and without any transparency cannot modify the decisions taken democratically by the European institutions," a cross-party group of lawmakers said in a joint statement.

Basel said eight of the 14 components of Basel III it studied in Europe met all minimum provisions and were compliant, while a further four elements were largely compliant.

Read the rest here:
European Union barely passes global bank rules test

Published December 05, 2014

Federica Mogherini, EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission attends a press conference in Sarajevo on Friday Dec. 5, 2014. Federica Mogherini accompanied by Johannes Hahn, European Commissioner for European Neighborhood Policy and Enlargement Negotiations is on a one day visit to Bosnia to discuss reforms in Bosnia for EU integration. (AP Photo/Sulejman Omerbasic)(The Associated Press)

Johannes Hahn European Commissioner for European Neighborhood Policy and Enlargement Negotiations speaks during a press conference in Sarajevo on Friday Dec. 5, 2014. Federica Mogherini accompanied by Johannes Hahn, European Commissioner for European Neighborhood Policy and Enlargement Negotiations is on a one day visit to Bosnia to discuss reforms in Bosnia for EU integration. (AP Photo/Sulejman Omerbasic)(The Associated Press)

Federica Mogherini, second left, EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission and Johannes Hahn, center, European Commissioner for European Neighborhood Policy and Enlargement Negotiations pose for the media with Mladen Ivanic, left, Serb member and chairman of Bosnian tripartite Presidency, Dragan Covic, second right, Croatian member of Bosnian tripartite Presidency and Bakir Izetbegovic, Muslim member of Bosnian tripartite Presidency in Sarajevo on Friday Dec. 5, 2014. Federica Mogherini accompanied by Johannes Hahn, European Commissioner for European Neighborhood Policy and Enlargement Negotiations is on a one day visit to Bosnia to discuss reforms in Bosnia for EU integration. (AP Photo/Sulejman Omerbasic)(The Associated Press)

Federica Mogherini, EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission listens during a press conference in Sarajevo on Friday Dec. 5, 2014. Federica Mogherini accompanied by Johannes Hahn, European Commissioner for European Neighborhood Policy and Enlargement Negotiations is on a one day visit to Bosnia to discuss reforms in Bosnia for EU integration. (AP Photo/Sulejman Omerbasic)(The Associated Press)

Federica Mogherini, left, EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission shakes hands with Vjekoslav Bevanda, prime minister of Bosnia and Herzegovina as they pose for the media in Sarajevo on Friday Dec. 5, 2014. Federica Mogherini accompanied by Johannes Hahn, European Commissioner for European Neighborhood Policy and Enlargement Negotiations is on a one day visit to Bosnia to discuss reforms in Bosnia for EU integration. (AP Photo/Sulejman Omerbasic)(The Associated Press)

SARAJEVO, Bosnia-Herzegovina The European Union has urged Russia to leave the Balkans out of its dispute with the bloc over Ukraine, and to let the region proceed on its path toward EU and NATO memberships.

Moscow has said that because of its strained relations with the West, it no longer supports Bosnia's membership efforts and that there is no consensus in Bosnia over the issue.

The country's Bosniacs and Croats tend to look westward, but Bosnian Serbs maintain close ties with Russia, object NATO membership and have obstructed EU-requested reforms.

After meeting with Bosnia's leaders Friday, Federica Mogherini, the European Union's chief foreign affairs official, said she believes they all are now prepared to continue with the reforms and that Russia's disputes with the EU should not interfere with this process.

More:
EU official says Bosnia is willing to join the bloc, despite Russia's objections

LONDON: The European Union only scraped through a test of whether it complies with global banking rules aimed at making the financial system safer and avoiding another global markets meltdown.

The United States fared better in complying with bank capital rules know as Basel III which constitute the world's core regulatory response to the 2007-09 financial crisis that saw under-capitalised lenders being rescued by taxpayers.

The global regulators who wrote the rules marked Europe down over its lighter capital treatment on banks holding government debt, a sensitive issue in a region where several countries had to be bailed out.

The Basel Committee said its review of how the EU and United States, which account for most global banking assets, apply the rules found several instances where both fell short.

The committee, made up of supervisors and central bankers from nearly 30 countries, graded the 28-country bloc as "materially non-compliant", the lowest grade above a fail.

The United States was deemed to be "largely compliant".

Beyond Friday's "naming and shaming", Basel has no powers to enforce its rules or sanction rule busters.

Europe was braced for criticism from the Basel Committee. But lawmakers from the European Parliament, which approved EU rules comprising an amended version of Basel III, said the changes made in Europe were aimed at helping banks to finance the economy.

"The opinion of a body that is working without legitimacy and without any transparency cannot modify the decisions taken democratically by the European institutions," a cross-party group of lawmakers said in a joint statement.

Basel said eight of the 14 components of Basel III it studied in Europe met all minimum provisions and were compliant, while a further four elements were largely compliant.

Originally posted here:
European Union barely passes global bank rules test while its US counterparts fare better

More migrants than ever are attempting to cross the Mediterranean Sea from North Africa to Europe, resulting in a historic number of deaths. Migrants often pay hundreds, if not thousands of dollars to be packed onto overloaded, unsafe boats run by smugglers, who often abandon or rob them as they try to reach safe haven in the European Union. Most recently, 18 asylum seekers were found dead in a dinghy 150 miles from the Italian island of Lampedusa on Friday,according to Malta Today.

European leaders have done little to stop the crisis, said Amnesty Internationals T. Kumar, the non-governmental organization's international advocacy director in Washington, D.C. In November, European Union Civil Liberties CommitteeChairman Claude MoreasandPope Francisboth called for more to be done to save migrants.

But theres an unresolved debate within the EU about how to handle such cases, including how and where to settle migrants and the role of each Southern European country in responding to the crisis. A resolution will be put to a vote at a European Parliament plenary session Dec. 15.

Many migrants are fleeing violence and a lack of economic opportunity in North Africa and Syria. The number of migrants has skyrocketed in 2014, with 53,000 crossing the central Mediterranean in recent months.

The EU last month launched joint operation Triton, which allocates 2.9 million euros ($3.5 million) a month for the deployment of seven vessels and three aircraft to patrol the central Mediterranean and Southern European coast to combat illegal crossings. Much of that effort has gone into rescuing stranded migrants and safely getting them to land to be further processed.

International Business Times spoke with Kumar of Amnesty International about what more could be done to help migrants crossing into Europe.

IBTimes: Could you give us a picture of the current situation around the Mediterranean?

T. Kumar: As of mid-September, around 2,500 people have died crossing the Mediterranean from North Africa and the Middle East to Europe, but it is hard to come to an accurate count because the activity is clandestine in nature.

IBTimes: There is a debate in Europe over how to handle the massive increase in migration. What do you think needs to happen immediately to potentially save the lives of thousands of migrants who make dangerous journeys to Europe?

Kumar: The EU is doing whatever they can, but we first want the EU to rescue and protect the refugees, then they can decide what to do with them, whether thats deporting them or determining that they have legitimate claim to political asylum or any other action. But first thing is saving the people who are crossing.

See the original post here:
EU Migration: European Union Not Doing Enough To Save Drowning Migrants, Claims Amnesty International Official ...

Russia Calls for End to Sanctions as EU Targets Ukraine Separatists
Russia urged the European Union on Saturday to lift sanctions against Moscow and promised to waive its food embargo, but a top EU official rejected such a move as the bloc imposed fresh measures...

By: Nirvana News

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Russia Calls for End to Sanctions as EU Targets Ukraine Separatists - Video