EIGHT years ago, bank supervisors began overhauling the global capital standards that proved too flimsy to withstand the financial storm of 2007-08. Their work is at last done. On December 7th Mario Draghi, the president of the European Central Bank, who heads the committee of supervisors that approves the standards, declared that agreement had been reached on a thorny set of revisions to Basel 3, as the post-crisis rules are known. Banks, already obliged by Basel 3 and national supervisors to add lots of equity to their balance-sheets, have moaned about further fiddling. They, analysts and many commentators often call these revisions “Basel 4”.