EU and US to Implement Basel III “as soon as possible”

Euractive is reporting that the EU and the US have agreed to implement Basel III capital adequacy rules “as soon as possible”, which seems to mean from 1 January 2014 in the case of the EU.

The report also confirms that there is broad agreement at an EU level at capping banker bonuses at a ratio of 1:1 with fixed salary, although there is a suggestion that this could be increased to 2:1 if approved by shareholders at a meeting where two-thirds of all shares were represented.