6 In other words, it is highly likely that adjustment to the global financial crisis would have been much slower and more painful in the absence of IT regimes in many advanced and emerging market economies.
The delay and the lack of a robust global policy framework increase the probability of incomplete or inconsistent implementation of the agreed rules. 5. Closing remarks  Lagging reforms – like in OTC derivatives markets – show the need to continue exerting pressure on jurisdictions to push forward with financial sector reforms.