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What's more, Basel's move to enlarge American banks' assets would also be welcome by markets.
Look for more Basel 2008 coverage coming as soon as I sift through all the info I have.
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Seven minutes later, another message from the Telegraph owner followed: "David, I'm sure you're aware that the credit markets are not good and are likely to get worse, as they all err on the side of caution faced with combination of more regulation Basel 3, more liquidity losses from sovereign debt, the Bank of England support and potential tax all at the wrong time.
"The more complex Basel II is, the more difficult it will be to implement it consistently across countries, especially in light of widely varying supervisory structures and approaches," Hawke told Congress.
More pervasively, global Basel III rules on bank capital still have ratings baked in.
Instead, it seems that some will begin to apply in 2013 while others would be phased in more slowly.The Basel committee is operating based in part on the findings of a study it produced on the matter.
Ask yourself this question: had the United States more fully adopted Basel II – the international capital standards preferred by Europe – in the run-up to 2007, would its problems now be bigger or smaller?
And more ahead of Basel v Chelsea: José Mourinho has called on Chelsea to secure their passage into the knockout phase of the Champions League with victory at Basel on Tuesday as his players enter a cluttered and pivotal period of the season where "only the brave can survive".
Basel were more industrious, threatening and resilient throughout.
For United to fall in Basel is more astonishing.
England's defence can expect a far more difficult occasion in Basel on Monday.
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