Michel Barnier, internal-market commissioner for the EU, met with Timothy Geithner, secretary of the US Treasury Department, late last week to discuss Basel III rules and other issues related to the financial industry. "They reaffirmed their intention to implement the agreement in the respective jurisdictions in accordance with the internationally agreed timing," according to the US Treasury. "Both sides agreed to a December 2011 implementation for the Basel trading-book rules." Barnier and Geithner also agreed that stricter oversight and regular stress tests are needed for systemically important financial institutions.

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