Indeed, the task is not going to be easy. Reorienting the economic growth strategy to focus more on skills development, innovation, and productivity involves deliberate planning over relatively long stretch of time. Two principles are of the essence: consistency and continuity.
As a result, a key initiative of the Basel Committee on Banking Supervision has been to recommend enhanced promotion of cooperation between supervisors globally in order to facilitate an efficient exchange of information. Such coordination and communication is the basis for promoting robust risk management practices and developing sound supervisory standards.