In 1988 a first international regulation was crafted to regulate the capital a bank needs so that it is unlikely to default, known as the Basel Accord (or Basel I).3 This agreement was 30 pages long and the calculations could be done with paper and pen. It was questioned as being too simple and, based on an amendment from 1996, was revised in 2004 to something more magnificent, Basel II. With a great deal of added detail and new complex risk models, Basel II was 347 pages long. A few years after the creation of this masterpiece tailored to make the world safer, the financial crisis of 2008
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