Abstract
This chapter briefly delineates the concepts of coherence and democratic legitimacy. It addresses the two international institutions - Basel Committee on Banking Supervision, International Accounting Standards Board (IASB) - that play a central role in developing banking regulation. The chapter discusses the development of the new Basel capital accord in the Basel Committee and the development of accounting standards in the IASB. Specific attention is paid to the potential impact of Basel II and the international accounting standards. The chapter then considers for both institutions the mechanisms through which the European Community (EC) tries to influence the standard-setting at the international level. The European Commission claims that it should play a prominent role in international standard-setting, but it is not evident how the EC could legally adopt such role. Finally, the author considers how the international standards are implemented in the EC. Keywords:banking regulation; Basel Committee on Banking Supervision; democratic legitimacy; European Commission (EC); International Accounting Standards Board (IASB)
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
