Since the launch of the euro, the concentration of exports in high-tech and research-intensive products has increased faster than in other sectors. This has been one factor explaining why the current account of the euro area as a whole has never deviated much from balance.
Essentially, Basel 3 introduces reforms that will improve the ability of bank capital to absorb losses, extend the coverage of financial risks, and have stronger firewalls against periods of stress. Similar Basel 3 implementation plans have been announced by China, Australia, Hong Kong SAR and Singapore.