Germany is ready to compromise to break a deadlock between Europe and the U.S. on an overhaul of global bank capital rules. The question is who'll be sent from Washington to sit across the negotiating table.
The first chance to gauge the U.S. response to Germany's renewed push this week for a deal in the Basel Committee on Banking Supervision may come as soon as March 17-18, when finance ministers and central bankers from the Group of 20 nations descend on the spa town of Baden-Baden. A second opportunity will follow quickly at a meeting in Basel itself.
European regulators have been waiting months for President Donald Trump to install new faces at the four institutions that represent the U.S. on the Basel Committee, led by the Federal Reserve. Germany wants to ink a deal on new measures to stop banks gaming capital rules during its presidency of the G-20, whose focal point is a summit in July, according to a person familiar with the matter. But no breakthrough is possible until the U.S. negotiating team is formed.
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