Ideally, the result of this process should be enduring and should not trigger any negative side-effects, eg on competition. But there is a long and arduous road ahead. And it will entail costs for the banking industry. 2. The international reform agenda: what have we already achieved?
As an example of what we’ve already achieved, take the key points of the reform framework already adopted at international level: “Basel III”, a far-reaching new global regulatory standard for bank capital adequacy and liquidity that was endorsed by the G20 at the end of 2010. Its objective, in brief, is to better equip banks for weathering future stress situations.