The pioneering regulatory accord is intended to strengthen banks with high levels of risky obligations.
The Fed had encouraged this safe and profitable tactic to strengthen banks, which had been hurt by loan defaults.
"We have come up with important decisions to strengthen European banks," the chancellor added.
The ruling Socialist Government has openly promoted mergers as a means to strengthen Spanish banks so they can fend off European rivals.
As cardinal-patriarch, Sarto avoided political involvement, allocating his time for social works and strengthening parochial banks.
Japan Bank Plan Approved Japan's Parliament completed passage of a plan committing about $500 billion in taxpayer funds to strengthen ailing banks.
He wants to strengthen weak banks, he said, not weed them out.
But the International Monetary Fund has called for more urgent change: allowing unprofitable state-owned enterprises to fail, easing capital controls and strengthening banks.
But rules that strengthen banks in good times can cripple them in recessions.
As for pressing capital account liberalization, Mr. Rubin said his far greater concern was to strengthen banks, regulatory oversight and legal systems in other countries.
