When the Basel Committee on Banking Supervision met last week, committee members were striving to finalise proposals on liquidity standards, capital quality, a leverage ratio, a way to resolve financial institutions that had become "too big to fail" and the countercyclical capital buffer. However, central bankers and prudential supervisors were unable to come to agreement on a countercyclical buffer. "There are groups working on countercyclical capital, but I think it's fair to say their work is not finished," one committee member said.

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