The global financial crisis has hit banking regulation at its core. Since a significant part of the responsibility for this crisis has been attributed to the lack of effective banking supervision, there has been enormous pressure on the upcoming Basel Accord to address such issues in order to avoid future crises, or at least reduce their severity . In essence, the Basel Accords mainly aim to measure the level of capital needed to protect banks from risks related to their assets. As a result, the latest accord, Basel III, substantially increased banks' capital requirements and introduced other features in an effort to increase the soundness of the banking system. The banking sector, however, said it would mostly drive negative outcomes across the global economy due to increased demand for “set aside” capital. In light of this contentious dynamic, this essay aims to provide a balanced picture of the issues at stake and to critically analyze the arguments advanced in the article attached to this document. Consequently, it highlights the potential positive and negative effects of Basel III once fully implemented, as well as the shortcomings of several credit rating agencies, which were mainly highlighted due to the financial crisis. Finally, it concludes by arguing that the article lacks essential information and that the banking sector's reactions signal an attempt by a powerful sector to maintain its exorbitant privileges. Although the article states that Basel III will likely promote negative effects, such as an increase in the cost of credit to borrowers, it fails to recognize the potential benefits of such an agreement. Indeed, many substantial benefits are associated with Basel III, in particular those related to the increase in the potential benefits and limitations of b...... middle of paper ......el III, the latter over-emphasized by 'item. This allows readers to have an incomplete understanding of the complexities surrounding global banking regulation. Furthermore, the article does not provide sufficient space for regulators to elaborate on the benefits. Instead, these are succinctly mentioned as a weak statement. A realistic assessment of the positive and negative effects of Basel III shows that the former outweigh the latter when considering the safety and soundness of the global economy. It is plausible to argue, therefore, that the overreaction of the banking sector illustrates how a powerful sector, which has grown enormously thanks to deregulation, financial liberalization and the lack of adequate supervision, is advanced, or at least enabled, by the national governments of the major economies global, has tried to keep its privileges intact.