Wednesday, 11 May 2011

Presentation: Basel Accords and International Financial Regulation: The Journey So Far


(Being full text of the paper  titled "Basel Accords and International Financial Regulation: The Journey So Far", presented by Solomon Sunday Okedara Esq. at the International workshop titled “Legitimacy and Efficiency in Global Economic Governance” held in University of Salento, Lecce, Italy on 6th & 7th May, 2011 co-organized by the Department of Legal Studies, Faculty of Law, University of Salento and The Group of Lecce.)
Abstract:
This paper presents an empirical research into the relevance of Basel Accords in International financial regulation. It adopts the two concepts of “Legitimacy” and “Efficiency” as parameters to justify the continued relevance of Basel Accords on the global financial landscape. Viewing from America to Asia, from Middle East to North Africa, from West Africa to Europe, this paper presents the impacts of Basel Accords as remarkably undeniable. The piece eventually climaxes on the succinct exposition on Basel III (which is the latest Basel Accord) revealing its potentials and possible impacts on the global financial system. Towards the end, the paper however drops a bombshell when it notes that Basel Accords cannot in
themselves constitute a panacea to the global financial crisis. It therefore calls on all stakeholders to complement the efforts of the Basel Committee by playing their respective roles in safeguarding the global financial system. Basel Accords and International Financial Regulation: The Journey So Far ultimately presents itself as a 3D paper on international financial regulation.