Basel III There is no question that this is the time for action on our financial system – in Europe, in the United States and globally. This leads me to the most global of regulatory frameworks: that established in Basel.
Having devised the general objectives, the G20 then commissioned the Financial Stability Board and the Basel Committee on Banking Supervision to draw up proposals as to how these objectives could be met. The overarching principle of reform is to create a financial system that is more stable, more resilient and thus more capable of absorbing potential shocks.