The article discusses how the Basel Committee has been working on improving bank regulations since the 1988 Basel Capital Accord. They realized that new risks have emerged and old ones need more attention. Basel II focused on managing risks within banks, but now Basel III is being developed to increase bank capital and improve the quality of capital that can absorb losses. This is important for making the international banking system stronger and more stable. The paper also looks at efforts made after the Financial Crisis to address these issues and compares the current Basel II framework with the upcoming Basel III framework.