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Basel III, the Devil and Global Banking

Author

Listed:
  • Monal Abdel-Baki
  • Mina Shoukry

Abstract

The 2008 financial crisis started on Wall Street, but rapidly spread to the entire world. The response of the G20, international regulators and central bankers was the design and issuance of a new set of regulatory capital, liquidity and corporate governance standards—known as Basel III. As much as Basel III has gained the support of depositors and politicians, it has triggered a wave of stern opposition from bankers. In his widely distributed book—Basel III, the Devil and Global Banking—Dimitris Chorafas includes a detailed analysis of the concerns and anticipations of bankers, domestic supervisory agents and global regulators. This book review gives an appraisal of the book. Other than stressing the need for a total cultural transformation, embracing the ethos of risk management, Chorafas introduces a comprehensive restructuring program including efficient fiscal and monetary policies, enhanced governance procedures, improved risk management practices and the total separation between monetary authorities and politicians. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Monal Abdel-Baki & Mina Shoukry, 2013. "Basel III, the Devil and Global Banking," European Journal of Law and Economics, Springer, vol. 36(1), pages 227-230, August.
    • Handle: RePEc:kap:ejlwec:v:36:y:2013:i:1:p:227-230
    DOI: 10.1007/s10657-013-9401-4
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    More about this item

    Keywords

    Global banking regulation; Basel III; G18; E58;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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