As emerging economies, we have had a seat at the table in these international forums, but we haven’t been able to engage meaningfully in the debate as we have not related to the issues. The stability of the advanced economy financial sectors is, of course, important to us. After all we live in a globalizing world, and what happens anywhere has impact everywhere.
What concerns us, though, is that these global standards are going to be applied uniformly but their implications for EMEs will be different given the different stages of our financial sector development and our varied macroeconomic circumstances.