Nowotny Says U.S. Banks Lobbying Massively Against Basel 3

Sept. 29 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said U.S. banks are lobbying “massively” against the implementation of the Basel 3 rules.

“From the European side we need to be clear that if that attitude spreads it would represent a massive backlash for a unified, open and liberalized capital market,” Nowotny said in Vienna today.

To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net

To contact the editor responsible for this story: Gabi Thesing at gthesing@bloomberg.net