Fractured consensus

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 alone” if the Basel Committee doesn’t deliver an Accord they like. In Congressional hearings in late February, Roger Ferguson, vice-chairman of the Federal Reserve Board of Governors, said the US

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