ABSTRACT
The globalisation of financial markets worldwide has produced seemingly conflicting results. On the one hand, central banks and regulatory authorities have cooperated to come up with a set of standards to be applied globally, with the so-called Basel Process, setting out requirements for the adequacy of bank capital, serving as one of the central vehicles. On the other hand, repeated episodes of financial crises with volatile market activities have led to calls for regional cooperation between such institutions. As a result, several questions arise. How can we reconcile global standards with regional interests? Is it possible to incorporate regional elements in the Basel Process? Do we need independent regional bodies?
