The Chairman of the Bank for International Settlement (BIS) has delivered an address reviewing the BASEL III Agreement. Mr. Caruana stated that BASEL III represents a fundamental strengthening of global capital standards and that the standards will deliver on the core of the global financial reform agenda and will be presented to the G20 leaders summit in November. He said that the implementation of BASEL III will considerably increase the quality of banks' capital and significantly raise the required level of their capital. It will also provide a macro-prudential overlay to better deal with systemic risk.