Over the years it has increasingly developed into a standard-setting body and although its standards – such as Basel I and Basel II – are not legally enforceable they have in fact become the worldwide benchmark. The list of factors that contributed to the financial crisis is long.
However, irrespective of the multiplicity of factors, we had to realize that the provisions put in place by Basel I and Basel II were not sufficient to ensure the necessary resilience of the banking sector needed to withstand a situation like the one we are currently facing.