Another Basel chapter closes

His term as governor, and hence his tenure as chairman of the Basel committee, ends on his retirement on July 1 - just six months before the scheduled implementation of Basel II.

While he won't be in office to see the Accord in place - the culmination of more than seven years of consultations, working papers and re-drafts - Caruana has been at the helm during a crucial phase of the framework's formation, which has seen the minutiae of the rules thrashed out. Over the past few years, the Basel

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