Specifically, we will focus on: further enhancing the regulatory framework through the implementation of the BASEL II roadmap;  2  BIS Review 93/2008  improving corporate governance by promoting compliance with international accounting and financial reporting standards; accelerating the implementation of risk-based supervision technology; and continuing support for the development of a deep and efficient capital market, including support for necessary legislative reforms.
Precisely how is less obvious. Existing legislation incorporates automatic tax increases and spending cuts, set to kick in next January, amounting to roughly 4 per cent of GDP – the so-called “fiscal cliff.” If authorities do not change these provisions, this massive fiscal drag will likely push the U.S. economy back into recession next year.