A few weeks back Simon Johnson wrote:
There is no intellectual case for the Basel process on its current basis or for the outcome that will be discussed this weekend. The Group of 20 leaders are kidding no one but themselves when they endorse this approach.
What he means is that there is no technocratic case for the Basel process on its current basis. Fortunately, I've already written a number of posts (e.g. here and here) explaining why Basel makes perfect sense when understood as a political creation. Rather than just re-hash all that again, I'll just refer you to those.