Basel III: Stronger banks and a more resilient financial system
06 April 2011
Stefan Walter, Secretary General of the Basel Committee on Banking Supervision (BCBS), stressed that there are still significant risks on the horizon, while key reforms still need to be carried through if policymakers want a truly stable banking and financial system.
He concluded by saying that the policy work for developing the Basel III framework has for the most part been completed. The reforms are significant and bring together micro and macro lessons of the crisis. The Committee has now moved to the next phase: implementation. One of the regulatory lessons of the crisis is that it is critical that all countries and regions now follow the global implementation process.
He added that many risks are still looming on the horizon, and all countries need to continue the process of building their capacity to absorb shocks – whatever the source. The banking sector’s shock absorbing capacity must be much stronger than it has been in the past, and the implementation of standards must be more globally consistent and robust.
© BIS - Bank for International Settlements
