Regulators from around the world tied off the final round of new regulations for banks in Frankfurt on Thursday, the Basel Committee on Banking Supervision said in a statement, closing a saga begun at the height of the financial crisis.

Completing the so-called "Basel III" reforms "represents a major milestone that will make the capital framework more robust and improve confidence in banking systems," European Central Bank president Mario Draghi said after the meeting, which brought together regulators and central banks from major advanced economies like the United States and the European Union as well as emerging nations such as China, India and Brazil.

Source: AFP