Basel II fails to prevent financial crisis, calls for major regulation overhaul
The article discusses the need to improve financial regulations after the 2007 subprime mortgage crisis. It questions whether the Basel II accord, a set of international banking regulations, would have prevented the crisis if fully implemented. The article suggests that Basel II may not be the best approach for regulating banks and questions the usefulness of harmonizing international banking rules. The authors recommend significant changes to the current regulatory framework.