The International Monetary Fund has warned that Basel III's tougher capital and liquidity requirements for banks are not enough to avert repeats of the financial crisis. The IMF is pushing for a more comprehensive approach. "It is essential to make progress with the overhaul of financial regulation in order to avoid planting the seeds of another crisis," said Jose Vinals, director of the monetary and capital-markets department at the IMF. The IMF is calling for a system for winding down troubled financial institutions and a bank levy to cover the costs.

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