After all, the UK had been a driving force behind the development of these standards since their inception nearly 40 years ago. Recently, Edouard Fernandez-Bollo, a member of the Board of the EU’s Single Supervisory Mechanism, laid out some of the EU’s thinking – with an emphasis on both the EU and UK applying the Basel III standards as the best way of maintaining regulatory compatibility. So what should the EU do about it? Banking Should it sub-contract parts of its financial infrastructure that are vital to its own financial stability to a “third country”? Is that third country a reliable partner who can be trusted – in a moment of crisis – to act in the best interests of the EU, especially if there may be large costs involved? As things stand today, most people would probably answer a resounding No to both questions.
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