Often, increased exchanges went hand-in-hand with accelerating economic growth, the dissemination of productivity-enhancing technology, the spread of new cultural models, and an internationally open mind-set, especially among the élites—in a knot of reciprocal causation links that is not easy to disentangle. Globalisation was even stronger last time.
The BIS and the Basle Committee will play their part both in implementation and in providing training and technical assistance to help countries bring their systems up to scratch. Although primary responsibility for overseeing implementation of the Principles falls to the IMF, the Basle Committee will be drawing up a compliance methodology for use by the IMF in its surveillance activities.