Michel Barnier, internal-market commissioner for the EU, met with Treasury Secretary Timothy Geithner 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 Treasury Department. "Both sides agreed to a December 2011 implementation for the Basel trading-book rules." Geithner and Barnier also agreed that stricter oversight and regular stress tests are needed for systemically important financial institutions.

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