Sample Term Paper
Besides for the original member nations, 95 other nations (excluding China) have decided to enforce Basel II in their regulatory frameworks through their central banks by the year 2015. The Basel II format has so far undergone two revisions before a unanimous agreement in 2006. The disagreements and revisions were due to US, UK and Canada’s requests that Basel II apply only to large banks and this rule was enforced in 2006 (Balin, 2008).
The main problem with both Basel Accords has been that they have excluded the developing economies from their frameworks. These countries are in a dilemma of which accord to implement and on doing so will face high risks related to international flows of money. Conversely, if these countries do not use the accords, they run the risk of being disbarred from international transactions (Balin, 2008). The Basel committees need to take the role of developing economies into account when making changes in the future.
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