Basel II will lead to more instability, critic argues

"This will be felt most at the periphery of the financial system not at the core, in emerging markets and small and medium enterprises," Avinash Persaud said in an inaugural lecture as professor of commerce at Gresham College, London.

"Ironically, Basel II could have its greatest impact on banking flows to developing countries, countries not represented directly on the Basel Committee," said Persaud, who is also a managing director of US banking group State Street.

The Basel Committee on Banking

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