Basel III: Renewed efforts for supervision after financial crisis

The Basel Committee was founded 40 years ago, and today it has members from 27 jurisdictions that, collectively, account for more than 90 percent of global banking assets.

In 2010, a year after China joined the committee, a package of reforms known as "Basel III" was announced. These measures aimed at addressing the weaknesses in the international regulatory framework that the financial crisis exposed.

For the Basel Committee, the Basel III announcement was part of its efforts to apply the lessons that had been learnt from the financial crisis. To ensure that the reforms would work as intended, it embarked on four parallel initiatives.