The Finance Ministers of various Member States, including George Osborne on behalf of the UK, have written to Michel Barnier and Olli Rehn expressing their view that the proposals for the fourth Capital Requirements Directive (CRD IV) should not water down any provisions of Basel III, and that Member States should be allowed to go beyond CRD IV where it is important for macroprudential regulation or other local reasons. (Source: Letter from Finance Ministers on CRD IV)