Basel III Framework: financial crisis of 2007-2009

According to the IMF Working Paper published by Ferreira, Caio, Nigel, and Christopher, the Basel III framework is one of the most central elements of the global regulatory response to the financial crisis of 2007-2009.  The primary aim of the reforms was to strengthen the manner in which the regulation, supervision, and risk management of banks was conducted. Similar to the other Basel Committee standards that are already in operation, the Basel III reforms function as minimum requirements that apply to all banks that are internationally active. Through these reforms, members commit not just to the application but also the implementation of the standards.