Mario Draghi, governor of the Banca D’Italia and chairman of the Financial Stability Board, has criticized European and U.S. banks for trying to weaken new rules adopted by the Basel Committee on Banking Supervision. Speaking before members of the European Parliament, Draghi, nominated to succeed Jean-Claude Trichet as president of the European Central Bank, said bankers on both sides of the Atlantic are blaming each other for efforts to water down the rules known as Basel III amid reports that each country is engaged in efforts to weaken the regulations.
