Basel III is only the beginning, central bankers say

10/10/2010 | Bloomberg · Bloomberg · Wall Street Journal, The · Reuters · Washington Post, The

Central bank leaders told a panel of bank executives that they should expect rules beyond the Basel III accord, particularly for major financial institutions. "Nobody should be surprised" that rules will go beyond Basel III, Philipp Hildebrand, president of the Swiss National Bank, told bankers including Bank of America CEO Brian Moynihan. Mario Draghi, chairman of the Financial Stability Board, said companies being scrutinized "are very big and powerful. There needs to be supervision at the global level. You need supervision up to the challenge." Bankers said another wave of rules could undermine the global economic recovery.

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