However, the last remaining aspects of the reform package proved to be a major sticking point, and it was only towards the end of last year that the members of the Basel Committee were able to endorse a compromise. That agreement now needs to be implemented quickly and in full.
This of course means that the decisions will be integrated into national law not just in Europe but by all of the members of the Basel Committee, so in the United States as well. Because this is precisely the point of having the Basel standards – having as uniform a playing field as possible.