The initiatives that have been taken include addressing the deficiencies of the 1998 Basel accord; developing guidelines to consolidate financial statements; achieving better cross-country harmonisation in disclosing information; developing standards for the compilation of statistical data; and closing gaps in regulations in order to avoid regulatory arbitrage.
At first glance it seems as if the changed international environment had little impact on Africa, with the notable exception of South Africa. A number of African countries attempted to adjust their financial sectors to the changed circumstances, but achieved only limited success. These attempts were hampered by the then high inflation rates that these countries registered.