Breaking the cycle

Basel II

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Supervisors have for years responded to financial crises by developing new regulations and standards. The US banking crisis in the 1980s resulted in Basel I in 1988, the onset of the Asian financial crisis in 1997 led to the Basel core principles for effective banking supervision and the collapse of Long-Term Capital Management in 1998 was one of the catalysts for the revised Basel market risk framework in 2005.

But each new regulatory amendment stimulates innovations and attempts by financial

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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