Alessandro Profumo, head of Italy's UniCredit, said the Basel III reforms and their likely effects need to be studied before the rules can be implemented. "We have to consider that for Basel II there have been five impact studies, so I can't think that for Basel III we can work on only one," he said. Profumo also urged Europe to work on restoring economic growth and increasing integration. "The issue for me is that this significant public debt can be repaid only with more growth," Profumo said. "And in order to have more growth, I think we cannot do it with debt."
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