As more governments and regional corporations enter this market, the absence of an independent benchmark measure of risk, the pricing of these securities, the absence of good credit analyses – all point the need for the establishment of a regional credit rating agency.
A judgmental view needs to be taken whether and when a country has reached the “threshold” and the financial integration should be approached cautiously, preferably within the framework of a plausible roadmap that is drawn up by embodying the country-specific  4  BIS Review 49/2005  context and institutional features.