As part of the adoption of the Basel III framework, EU member states have undertaken to enact legislation to incorporate the 2019 Banking Package into national law by the end on 2020. The German Bundestag is currently discussing the Risk Reduction Act, which will amend the relevant banking laws in line with the revised Capital Requirements Directive (CRD V) and the Bank Recovery and Resolution Directive (BRRD II).
In a public hearing at the Bundestag Finance Committee on October 28, Christian M. Stiefmueller reiterated why it is critical for EU member states to adopt the EU Banking Package undiluted and to continue reviewing and improving the effectiveness of prudential regulation to maintain financial stability.
