This is known as Basel III, and it translates into a more than doubling of the common equity component of capital for global banks, from the current 2 percent to 4.5 percent, plus a new buffer of a further 2.5 percent, to reach a floor of 7 percent.
The decision was based on an analysis of the financial cycle. The financial cycle differs from the business cycle, and it is related to swings in financial variables, such as lending or risk premia.