The complicated issues involved with the third stage are not covered in this paper. First Stage: Preparations and conditions for EU accession In 1993, when the Copenhagen European Council decided that the European Union would be enlarged to include the twelve candidate countries, it also established the terms of their accession.
Some academics call the whole Basel framework an excuse for mainly big banks and countries that do not want really to take the drastic and effective reform measures needed. Can the EU citizens be assured that the new framework (not just Basel III) will prevent a financial crisis of a similar of what we experienced two years ago?