Support The Moscow Times!

Basel III Rules Criticized

The new Basel III banking rules are tailored to banks in developed countries and could freeze credit or promote bad practices in emerging economies, European Bank for Reconstruction and Development president Thomas Mirow said.

Basel III "can cause severe problems in financial systems that simply do not yet have stable sources of long-term funding," Mirow said in a speech at an EBRD conference in Astana, Kazakhstan, which was e-mailed Wednesday.

"It may force banks in these economies to either curtail long-term lending, with harmful consequences for growth, or to seek foreign sources of long-term funding," he said. This, "as we have seen, creates external vulnerabilities," he added.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more