Abstract
The Basel Process is a key element of the global financial system and a critical force that has been shaping the international financial architecture over the last 80 years. As such it plays an important role in co-ordinating the multilateral eorts of central banks, regulators, supervisors and market participants alike and is thus uniquely geared towards fostering and maintaining financial stability. Giving rise to current global financial turbulence, the recent subprime crisis has subjected the Basel Process to intense internal and external scrutiny. This episode of financial instability might yet prove be one of the most challenging tests for the Basel Process as authorities strive to improve their regulatory frameworks in search of incentives for prudent behaviour.
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