This is a set of banking standards, which will regulate finance and banking for countries in the European Union. The Basel Committee on Banking Supervision is tasked with the goal to complete the New Accord by mid-year 2004, with implementation to take effect in member countries by year-end 2006. To that end, work already has begun in a number of countries on draft rules that would integrate Basel capital standards with national capital regimes. Basel II is focused specifically on global banks and financial institutions and ensures liquidity of those institutions for the protection of public trust.
