The Basel I Accord was initially introduced to address the total amount of capital held by banks and credit risk in general. Subsequent Basel Accord enhancements (i.e. Basel II and Basel III) were designed to improve the safety and soundness of banks and the financial system. However, some commentators have said that these accords do not go far enough to ensure the stability of the banking system in the 21st century.

In your own words, discuss whether the Basel Accords (i.e. Basel I, Basel II and Basel III) remain relevant, appropriate and sufficiently robust for banking in the modern era (i.e. in the 21st century).