US plans to force foreign banks to hold more capital are a threat to harmonious global regulation and risk “a protectionist reaction”, the EU commissioner in charge of financial services has warned.
Michel Barnier told Ben Bernanke, Federal Reserve chairman, that plans to force higher capital requirements on the US subsidiaries of European banks could lead to retaliation against US banks.
In a letter seen by the Financial Times, Mr Barnier argued that the Fed’s plans are a “radical departure” from past US policy and could hamper the international economic recovery.
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