Basel 3.1: Strengthening Global Financial Framework
The financial crisis of 2008 exposed vulnerabilities in the global banking system. In response, the Basel Committee on Banking Supervision (BCBS) introduced the Basel III reforms, a set of regulations designed to strengthen banks’ capital adequacy and risk management practices. Basel 3.1, the latest iteration of these reforms, is set to be implemented in major jurisdictions like the EU and UK in 2025.