Fractured consensus


The dispute between the US and many of its allies over Iraq has eroded US commitment to multilateralism and damaged the credibility of multilateral institutions. How will this affect Basel II?

Regulatory capital rules do not merit comparison with war. But the failed efforts at collective diplomacy over Iraq may put the global consensus needed to achieve the Basel Committee’s goal – a universally applied regulatory regime – out of reach.

US bank regulators are now saying they’ll “go it

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