9  The Importance of Multilateral Cooperation As the world becomes more and more fragmented and uncertain in a mutually reinforcing cycle, we must maintain the stability of the global financial system in the face of inescapable international flows of capital. For this purpose, economies must overcome their narrowly-defined self-interest so as to cooperate and coordinate from a broader perspective.
We have stressed in our submissions to the Basel Committee that assessing compliance with any international standard needs to be focussed on looking at whether the substance, rather than the form, of the standard is being met. I should add that, notwithstanding these concerns, New Zealand strongly supports the introduction of international standards.