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Theoretical and Applied Economics
No. 9 / 2010 (550)

Towards a New Basel Accord with More Rigorous Settlements

Technical University, Cluj-Napoca
Daniela COSMA
University of Oradea

Abstract. The recent financial crisis made the banking sector more vulnerable to shocks. The system was characterised by weaknesses: too much leverage in the banking; not enough high quality capital to absorb losses and excessive credit growth based on underwriting standards and under pricing of liquidity. This article is about a new accord Basel III and the view of this framework. Basel III will be finalized before November 2010, and will be implemented by the end of 2012. Basel III is going to be implemented in the United States. All G–20 countries should adopt progressively this capital framework. The Basel Committee on Banking Supervision and national authorities should develop and agree a global framework for promoting a stronger liquidity in financial institutions. The reform program is to raise the resilience of the banking sector through promoting more sustainable growth, both in the near term and over the long therm. The initiatives of Basel Committee will develop a set of reforms based on four steps: public consultation, impact assessment, overall calibration and macroeconomic impact assessment over the transition period.

Keywords: BCBS reforms; capital distributions; minimum capital requirements; additional capital; systemic risk; externality; procyclicality; risk exposures; financial stability; leverage ratio.

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