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Christian Noyer: Basel III – CRD4: impact and stakes

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2012-07-04 09:31

Introductory speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Autorité de contrôle prudentiel (ACP) conference, Paris, 27 June 2012.rnrnLadies and gentlemen,rnrnI am delighted to welcome you today to this new conference organised by the Autorité de contrôle prudentiel (ACP). rnrnThis morning, the conference will be dedicated to the impact andrnstakes of the Basel III reform and, this afternoon, to the supervision of business practices in banking and insurance.rnrnI would like to thank all the participants for the interest they havernshown in these crucial exchanges between regulators, supervisors and market participants.rnrnThis conference is being held against the backdrop of an economic and financial environment that remains very difficult, characterised in particular in Europe by the ongoing sovereign debt crisis. rnrnMany questions surround the future of the European banking system,rnwhich has already undergone major transformations in the recent period while significant changes in its prudential framework and the organisation of its supervision are currently being reviewed. rnrnFar from putting on the back burner questions concerning Basel III and its application in Europe, that is to say CRD IV and its project to create a “single rule book” for European banks, I believe, on the contrary, these developments underscore the importance of better understanding the current reform and taking time to reflect, in order to ensure thatrnthe new framework for banking regulation and the distribution of supervisory responsibilities in Europe will deliver all their expected benefits.rnrnBefore leaving you to discuss in greater detail the impact and stakes of the Basel III reform, I would like to make a few remarks on this topic in relation to the current environment.rnrnMore details in the document attached

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