Basel Committee deals with political reality
Basel III has been a project of unprecedented scope, completed in record time. How has the committee managed to put the package together so quickly, and will the framework stand the test of time? Joel Clark reports
In 1993, Tommaso Padoa-Schioppa, former Italian minister of economy and finance and now chairman of consultancy firm Promontory Financial Group Europe in Paris, was about to take over as chairman of the Basel Committee on Banking Supervision. Before doing so, he visited the Bank for International Settlements in Basel to see the building where the committee meets. On viewing the conference facilities, he insisted on using a smaller meeting room and conference table for committee meetings in
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