Are Global Banking Rules Finished?
The Basel Committee’s proposed minimum capital requirements have long been assailed by the banking industry and politicians of various stripes. But never before has the post-2008 effort to implement global banking-supervision rules seemed so close to unraveling.
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EDINBURGH – Is it all over for Basel 3.1 (or what is known in the United States as the “Basel Endgame”)? Should we kiss goodbye the Basel Committee and the very idea of global banking-supervision accords that establish minimum capital requirements? Many informed people think so. The committee’s recommendations have long been assailed from all sides, especially the western shores of the Atlantic.