Once upon a time, following Lehman Brothers’ collapse, policymakers from the G20 sang from the same hymn sheet. They argued that higher capital requirements, realistic risk weighting of banks’ assets and a degree of harmonization of global capital standards were all needed to avert another financial Armageddon and regulatory arbitrage.
In the wake of Lehman, global policymakers touted their consensus-building skills in their bullish bid to reshape international banking, with stronger as well as harmonized capital and liquidity standards.
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