WASHINGTON: US Treasury Secretary Jack Lew said he felt Europe's financial system has been strengthened in recent years through reforms and higher capital standards, but there remains work to do.
Lew would not comment on US negotiations with Deutsche Bank over a proposed fine for its crisis-era mortgage business, but said: "Europe has made a lot of progress. It has raised capital standards...It has moved towards a resolution system...The danger right now is complacency.
The danger is that almost a decade away you can hear in the US, let's roll back Dodd Frank. This would be the wrong moment."
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