The G7 countries could assist this process by providing their expertise and supporting technical assistance in this area in close cooperation with the IFIs. 3.
Strengthening the market infrastructure and the legal framework  A strong legal and regulatory framework, international competitive clearing and settlement systems, effective credit ratings, and good corporate governance are also key ingredients for the development and efficient functioning of capital markets. Despite the remarkable progress that EMEs have made so far, further reform steps are needed in these areas.