An official at the Bank of Canada said it's time for global bankers to stop debating Basel III capital rules and prepare to implement them. "The essential lesson from the financial crisis was that the financial system was over-leveraged and under-capitalized. The Basel III rules have been rewritten to discourage excess risk-taking," said Tiff Macklem, the central bank's senior deputy governor. "They've been agreed. They're a giant step forward, and we now need to move to implementation."