Ecofin ministers reach Basel deal

European economic and finance ministers have met in Brussels to discuss the economic situation of Europe.

They re-drafted legislation on how to implement the Basel III accords on banking capital and liquidity, after last-minute changes granting more powers to member states.

Under the new draft, member states will no longer have to notify European authorities before applying additional capital requirements to local banks.

Margrethe Vestager, Danish minister for economics told a news conference, "a healthy and regulated financial sector is important".

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