The BaselCommittee on BankingSupervisionissuedCorePrinciplesforEffectiveBanking Supervision in 1997, which emphasized the importanceofinformationdisclosure.
The European Union and the United States have taken some legislative action, followed by a broad agreement reached last month at the BaselCommitteeforBankingSupervision that should be finalized by the end of this year.
There is an oddity at the heart of today's historic agreement by the oversight body of the BaselCommittee on BankingSupervision, 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.
Central bankers who make up the oversight body of the BaselCommittee on BankingSupervision announced new capital standards for banks on Sunday, aimed at reducing the risk of another financial crisis that comes from a drying up of banks' liquidity.