03:23 GMT +310 December 2019
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    European Commission Vice-President Valdis Dombrovskis.

    US Should Stick to Global Financial Rules - European Commission Vice-President

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    The United States and other world countries should respect global banking standards, European Commission Vice-President Valdis Dombrovskis said Wednesday.

    MOSCOW (Sputnik) — During his presidential campaign, US President-elect Donald Trump has voiced his intention to dismantle the global financial standards in order to prevent market failures.

    “We expect our international partners to stick with globally agreed standards and indeed US has been active participant in shaping these global standards active in Basil Committee [on banking supervision] and Financial Stability Board,” Dombrovskis said at a press conference in Brussels, when asked to comment Trump’s plans to change the European banking regulations.

    Earlier on Wednesday, the European Commission adopted a banking reform package aimed to improve the resilience of European banks and reduce reporting burden for smaller banks, among other changes.

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