Vítor Constâncio, the vice president of the European Central Bank, on Monday said that although Basel III provided a robust conceptual regulatory framework, there remained a lot of work ahead.

"Aside from the ongoing work concerning the introduction of counter-cyclical buffers, more work also needs to be carried out on other important elements of the framework," Constâncio said.

Constâncio said the potential implications of the leverage ratio and the liquidity risk framework still had to be