They have also BIS Review 108/1998  –7–  argued for a more organised approach in preventing international financial crises and a more orderly system of creditor and debtor coordination and effective solvency laws. The recent international consensus on preserving the soundness of the banking system has veered around certain core themes.
These are: effective risk management systems, adequate capital provision, sound practices of supervision and regulation, transparency of operation, conducive public policy intervention and maintenance of macroeconomic stability in the economy. An important issue which we, along with other countries, would need to address is how to ensure that individual banks govern themselves according to the best practices in corporate governance.