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“Where we can have an agreement will depend on where we will have an interlocutor on the U.S. side” who can “take decisions for the U.S.,” Olivier Guersent, a director-general of the European Commission, the EU’s executive arm, said on Wednesday in Brussels. “We all have democratic processes, and these things happen. So we will simply wait.”

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Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure.

‘Concrete Indications’

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At issue is a so-called output floor, a blunt check on how much lower banks’ estimates of risk can be compared with those produced by standard formulas set by regulators. Under a compromise proposal floated in early December, modeled results can’t drop below 75 percent of the result yielded by the standardized approach. The floor would phase in from 55 percent in 2021 to the full 75 percent in 2025.

Guersent said that once the changing of the guard in Washington is completed, the talks could reach a relatively quick conclusion because the dispute focuses on a single issue: the output floor. But that may mean the negotiations collapse.