As you know, we're fans of the Basel Committee around here - we think it has been effective international governance, and represents the likely locus of better banking regulation in the future. But good isn't perfect, and Basel II is an example of that. Passed almost a decade ago, the United States still hasn't implemented it for many of its banks, as the committee revealed in its status report today. It isn't the only country that has not done so - it joins an honor role including Russia, China, Indonesia, and Argentina. But those countries weren't even members of the Basel Committee when Basel II was implemented, and so perhaps their blushes are a bit more understandable.
For those wondering how the committee is ever going to bring the US to heel, well, you're looking at it. Naming and shaming is what the committee does, and this sort of peer review shouldn't be discounted, as I argue here. These implementation reports, it is hoped, will eventually lead to alignment.
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