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Basel Committee deals with political reality

Basel III has been a project of unprecedented scope, completed in record time. How has the committee managed to put the package together so quickly, and will the framework stand the test of time? Joel Clark reports

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In 1993, Tommaso Padoa-Schioppa, former Italian minister of economy and finance and now chairman of consultancy firm Promontory Financial Group Europe in Paris, was about to take over as chairman of the Basel Committee on Banking Supervision. Before doing so, he visited the Bank for International Settlements in Basel to see the building where the committee meets. On viewing the conference

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