WEB Notes: You can bet there were no wins for the people at this meeting. They have been trying to pass the Basel III accords for years now. Here is an article from 2013 about it. Do you know who the Basel Committee is? It is the Bank of International Settlements. The central bank of all global central banks. They set monetary policy for the entire world and they are the least known bank. It is also interesting to note their location is “Basel” Switzerland and their building takes on the appearance of what many believe the Tower of Babel would have looked like.
Finance chiefs of the Group of 20 nations renewed their pledge to finalize an overhaul of global bank-capital rules, but stopped short of making progress on certain proposals that have led to a standoff between Europe and the U.S.
In the statement capping a two-day meeting in the German town of Baden-Baden, the G-20 urged the Basel Committee on Banking Supervision to finalize the Basel III reforms “without further significantly increasing overall capital requirements,” sticking to previous language. After the work already missed a year-end deadline, the document didn’t include a new time frame.
“Those who weighed in expressed the will that these negotiations resume swiftly and can be concluded,” Bundesbank President Jens Weidmann said at a news conference in Baden-Baden. Further progress on the substance of the proposals is now in the hands of the Basel Committee itself, Weidmann said.