Commitment to global banks renewed by G20

But no breakthrough is possible until the US negotiating team is formed

Finance chiefs of the Group of 20 nations renewed their pledge to finalise an overhaul of global bank-capital rules, but stopped short of making progress on certain proposals that have led to a standoff between Europe and the US.

In the statement capping a two-day meeting in the German town of Baden-Baden, the G-20 urged the Basel Committee on Banking Supervision to finalise the Basel III reforms “without further significantly increasing overall capital requirements,” sticking to previous language. After the work already missed a year-end deadline, the document didn’t include a new time frame.

“Those who weighed in expressed the will that