It is true that much progress has been made in strengthening FMI in Africa; it is equally true that much remains to be done as African financial systems are still lagging behind and are weakly integrated with the global financial system.
The Basel Principles highlight, among others, the need for a clear legal framework that provides supervisors with the necessary powers, authority and resources to perform, with independence and in coordination with other supervisors, comprehensive group-wide supervision. The Principles re-affirm the importance of supervisory cooperation, coordination and information exchange.