Axel Weber, a member of the European Central Bank Governing Council, said the Basel III capital rules will not hinder the economy, although he acknowledged that it is too soon to say that the financial crisis is over. Weber called the reforms a "major step" toward making the financial system more resilient. "We certainly are in a phase where the lessons learnt are being turned into political reality," Weber said. "This is especially true for the reform of financial regulation."

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