Then there are global regulations for the financial sector, conjured up post-crisis, mainly the Basel III agreement.

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The ICB's other headline proposal is that large British banks should have to hold bigger buffers against losses than currently proposed under Basel 3, a new international agreement on minimum capital requirements.

ECONOMIST: The chancellor accepts tough new rules on banks

The European Union and the United States have taken some legislative action, followed by a broad agreement reached last month at the Basel Committee for Banking Supervision that should be finalized by the end of this year.

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There is an oddity at the heart of today's historic agreement by the oversight body of the Basel Committee on Banking Supervision, which for the first time will impose new minimum requirements for the amount of cash and liquid assets that banks all over the world will have to hold.

BBC: Banks agree minimum liquidity rules