But, as I noted, national differences in capital regulation are not unique to the Basel II capital regime. Over the years, the U.S. agencies have consciously chosen to maintain a more conservative stance in some aspects of Basel I, as applied in the United States, compared with versions of Basel I adopted by other countries.
After all, Jean Claude Juncker (drawing on his long-term experience as President of the Eurogroup) put it succinctly: “Ministers know what measures need to be taken but do not know how they can be subsequently re-elected.” It will not be enough to provide in the future for a greater involvement of the European Parliament, however essential that may be.