Thus, while development of international standards and codes is only one element of the overall effort in the  BIS Review 62/2001  1  aftermath of the Asian crisis to reform the international financial architecture, significant progress is noticeable in this element only.
As part of the effort to strengthen financial systems and improve coordination among the agencies responsible for them, the Financial Stability Forum (FSF) was established in April 1999. Its mandate is to promote international financial stability by improving the functioning of markets and reducing systemic risk through information exchange and international cooperation in supervision and surveillance of financial markets.