Basel II needs to go back to the drawing board before it is even out of the blocks because of rating agencies' influence in the framework, says Willem Buiter, a former member of the Bank of England's monetary policy committee, now a professor at the London School of Economics.
"Credit ratings play a central role in the first pillar of Basel II. And so, we're giving the ratings agencies a regulatory task," Buiter said at a parliamentary hearing on Tuesday. "We can't let a private sector organi
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