Global respect needed for Basel III or it will fail

So Basel III looms large but will it be in-step with the rest of the world? We all know that we are now in a global economy and financial services has to come to terms with a rapidly changing world and increasing demands of politicians,  regulators, customers and technology but does Basel III have the scope to cover the world's markets and its needs?

It has to be very doubtful that it does and it is certain that other world markets will have to be in line with Basel III or what's the point of having a open back door?

In saying this it is difficult to see who or what could bring harmony of purpose and rule into the global markets. EBA Day has done a great job in raising the issues but finding the answers to the many problems, will remain elusive without global collaberation of all involved.