By Benu Schneider
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Extra info for The Road to International Financial Stability: Are Key Financial Standards the Answer?
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But there is concern that the judgements expressed may become a way of giving a simple score to a country facing a complex process (Gottschalk, 2001: 13). The complexity of the S&C process and the problems in global monitoring make it difficult to set up binary yes/no judgements or a scale of the degree of implementation. Market incentives incur the danger of being based on partial and subjective information on compliance, or on a lack of judgement about the usefulness of a particular code in a developing-country setting.
The ROSC modules are not standardised: some contain only a short analysis, while others are very detailed: some take compliance with one standard into account, others with several. Self-assessments are not collected systematically by any international organisation, and information about them is sometimes difficult to obtain. com), provide information on the implementation of S&C for a large number of countries in a more userfriendly format, but the information is under copyright, and access to the website is not free.
Technical assistance can play a very important role in the transition period. Priorities need to be established for countries at different stages of development, as well as with regard to the degree of openness of their financial systems. For official and financial incentives, an understanding of the transition period is crucial for the initiative to work to ensure financial stability. The IMF and the World Bank can play an important role in helping member countries in this regard. The ROSC exercise may not provide information with respect to compliance in the form desired by the private sector, but it can be useful in identifying constraints in member countries and in working out transition periods.