Marc Levinson's article on Basel III at Foreign Affairs is awfully simplistic and doesn't really bother with any of the international politics of it, but at least he gets one part right:
Perhaps Basel III’s biggest problem is that no matter how reasonable the new standards, the Committee on Banking Regulations and Supervision has no power to enforce them. Real reform of the international financial system will depend on turning Basel III into domestic policy. Only national governments can establish and enforce regulations on banks operating in their territory. And only national governments could be held politically accountable for regulatory failures.
I've written about this at some length several times, e.g. here, so there's not much more I can add. But this is a key dimension of Basel, and it's worth highlighting more than once.