Since the 1988 agreement, banking and financial markets have changed significantly as a result of new innovative instruments for measuring and managing credit risks and sophisticated banking products. But the agreements could not keep up with the new terrain of the 1990s and were therefore ripe for revision. BcBS conducted two Quantitative Impact Assessments (QISs) following the publication of the Basel II Framework in June 2004. QIS 4 included banks in the United States, Germany, and South Africa. QIS 5 included banks in adopted countries in other countries. Both studies reported significant reductions in the minimum capital requirements for AIRB banks compared to the capital required by the 1988 Basel Accord. The agreements aim to respond to the desire of industrialized countries for a common framework for the supervision of international banks. Moreover, member states and several non-members will want to implement the agreements, even if the Basel Committee has no legal power to enforce its decisions. The particularities of different countries characterize the Committee`s decision not to legislate to enforce the Basel Accords. Rather, the decision to adopt legislation on aspects of the agreements is left to the discretion of the States members of the Committee. .