Evaluating the effectiveness of Basel III during Covid-19 and beyond
By Bank for International Settlements (BIS)
In this keynote address, Pablo Hernández de Cos, Chair of the Basel Committee on Banking Supervision (BCBS), provides a critical assessment of the Basel III framework during its first real-world stress test: the COVID-19 pandemic. He posits that the post-2008 reforms were instrumental in ensuring that banks acted as "shock absorbers" rather than "shock amplifiers" during the global health crisis.
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