This chapter is organized as follows: first, we introduce the Basel Committee on Banking Supervision and the standards its members develop. Second, we survey the failures of the Basel regime leading to the global financial crisis of 2007–2008 and some possible explanations thereof. Then, we discuss the reasons why the fundamental features of the regime are still in place even after its evident inadequacies and why the reforms adopted in the wake of the crisis are a way to safeguard the resilience of such features.
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