Central bankers tell Basel Committee that more progress is needed

Central bank governors, led by European Central Bank President Jean-Claude Trichet, said the Basel Committee on Banking Supervision needs to step up progress in several areas regarding financial regulation. Central bankers asked that the Basel Committee submit proposals by March and said governments must show they are committed to reining in excessive budget deficits. "Confidence depends on the capacity to be credible in going back to a sustainable mode," Trichet said.

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