Michel Barnier welcomed the G20 endorsement of Basel III and said the Commission will now put forward its implementing proposals in March 2011 in the form of the fourth Capital Requirements Directive (CRD 4). He said the Commission is already consulting on some aspects of the changes, including on counter-cyclical buffers, but said it was concerned to calibrate its proposals properly and would take account of the cumulative impact of various measures and of developments outside the EU.