We, the Basel Committee – which includes the banking supervisors from the G20 – currently work on the final piece to complete global regulatory reforms after the financial crisis – the so-called Basel III agreement; and we are close to an agreement. That would bring global minimum standards to regulate internationally active banks.
Yet, for purely nationally active banks, there is no need to have global minimum standards. National supervisors may adapt the standards to fit historically grown national circumstances. For example, in the EU we are considering a small banking box, with less complex rules for small, non-risky, and nationally focused banks.