WASHINGTON — There is increasing concern that the Basel III accord may be teetering on the edge of a breakdown as the gap between those countries that are pressing ahead and those that are not continues to widen.

But there is still some hope to save the process, if regulators show a willingness to accept the reality that true harmonization is likely unachievable, according to a new paper released Friday by Karen Shaw Petrou, a managing partner at Federal Financial Analytics Inc.

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