Particularly important tools in this regard are of course the Financial Sector Assessment Programs, which the IMF established some time ago. These Programs as well as the assessments of observance of financial sector standards and codes are important instruments to promote the soundness of financial systems of IMF member countries. 3.
Conclusions  The policy challenges associated with growing global economic and financial interlinkages need to be addressed head-on so that the benefits stemming from the rapidly integrating global economy are  4  BIS Review 36/2007  maximized and the related risks reduced to a minimum.