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The package, implementing the internationally agreed Basel III rules on banks' capital buffers, also lays important groundwork for a single banking supervisory mechanism for the eurozone, which is a cornerstone of the 17-nation zone's effort to fight off its debt crisis. Most EU members therefore pushed for a rapid implementation of the entire package, which they hope will take effect by January 2014. Britain has found itself isolated in its bid to alter the bonus cap. British Prime Minister David Cameron sees Brussels as meddling too much with member states' business. He has vowed to renegotiate his country's ties with the EU and hold a referendum on Britain's membership in a few years.
[Associated
Press;
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