An official at the Bank of Canada said it's time for the global banking community to move beyond debate about Basel III capital rules and toward implementation. "The essential lesson from the financial crisis was that the financial system was over-leveraged and under-capitalised. The Basel III rules have been rewritten to discourage excess risk-taking," said Senior Deputy Governor Tiff Macklem. "They've been agreed. They're a giant step forward, and we now need to move to implementation."