Explain the concept of Basel III and its implications for banking regulation and financial stability.
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Begin with a brief overview of Basel III's purpose and the global financial crisis that prompted its development. Discuss key components like capital requirements, leverage ratio, and liquidity coverage ratio. Highlight how these measures aim to enhance financial stability, reduce systemic risk, and protect the economy from future financial crises. Conclude by providing examples of Basel III's impact on banks and the broader financial system.
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