This from Simon Johnson is a few weeks old (a lifetime in blog-time), but still relevant and indeed very important for understanding what's happening in international financial markets and financial regulation:
Basel III, we learned this weekend, is on course to raise capital requirements – but to a level below what US banks have held on average in recent decades (for Tier 1 capital, Basel III posits 8.5 percent at the end of the day; US banks fluctuate roughly around 10 percent).
What does that tell you about the nature Basel, private sector incentives, and the importance of cross-national divergences? There's more than meets the eye here, esp if you're focusing on Basel as a technocratic agreement as Johnson is.
I'll probably keep beating this drum, since I'm the only one doing it and I think it's important. If you're getting sick of it... sorry.