Fears over consistency of Basel III implementation
With the final version of Basel III published in December, the focus is now on ensuring consistent implementation across the globe. But with divergences between jurisdictions already emerging, what can the Basel Committee do to make sure everyone ends up playing by the same rules? By Michael Watt
When a close friend asked US President Theodore Roosevelt how best to negotiate the complex world of international diplomacy, he is said to have responded: “Speak softly and carry a big stick.”
Following the publication of the final version of Basel III on December 16, the Basel Committee on Banking Supervision might well wish it could follow this advice as it hands over the framework to national regulators, which will now transpose the rules into binding laws in their respective jurisdictions
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