Thinking beyond Basel III – Avoiding another financial crisis

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L’OCDE a publié le résultat d’une nouvelle réflexion sur la gouvernance  mondiale de la finance. Elle souhaite apporté son appréciation du nouvel environnement Bà¢le III en vue de réduire les risques d’une nouvelle crise majeure.

Un article intéressant qui revient sur les problèmes de base des 3 piliers de Bà¢le II et analyse les compléments apportés par Bà¢le III via les documents de référence du Comité de Bà¢le soit :  Strengthening the Resilience of the Banking Sector et International Framework for Liquidity Risk Measurement, Standards and Monitoring.

In previous studies, the OECD has identified the main hallmarks of the crisis as too-big-to-fail institutions that took on too much risk, insolvency resulting from contagion and counterparty risk, the lack of regulatory and supervisory integration, and the lack of efficient resolution regimes. This article looks at how the Basel III proposals address these issues, helping to reduce the chance of another crisis like the current one. The Basel III capital proposals have some very useful elements, notably a leverage ratio, a capital buffer and the proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses. However, this report also identifies some major concerns. For example, Basel III does not properly address the most fundamental regulatory problem that the ‘promises' that make up any financial system are not treated equally. This issue has many implications for the reform process, including reform of the structure of the supervision and regulation process and whether the shadow banking system should be incorporated into the regulatory framework and, if so, how. Finally, modifications in the overall risk-weighted asset framework are suggested that would deal with concentration issues.

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