Nout Wellink, chairman of the Basel Committee on Banking Supervision, said that while the Basel III rules are a "significant step in helping improve the resilience and soundness of global systemically important financial institutions ... [they do] not fully address the externalities or spillover effects that these firms impose." Wellink, who is also on the Governing Council of the European Central Bank and president of the Dutch central bank, said more needs to be done to confront the issue of firms becoming "too big to fail."

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