Q&A: Asia caught in the Basel crossfire, says Andrew Sheng
Veteran regulator says international standards may be the wrong medicine for emerging markets
As negotiations to finalise global prudential regulatory standards have slowly ground forward at the Basel Committee on Banking Supervision, attention has focused on divisions between the US and Europe. But this belies the fact that the G20, which mandated the global post-crisis reforms, also includes the world’s leading emerging markets, many of which are in Asia-Pacific.
These nations were not the source of the 2008 financial crisis, but they have, in general, committed to implementing the
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