The Government's response to the recommendation was support, but the Government also pointed out that action could not be taken until political negotiations regarding financial regulation, including regulation of SIFIs, had been completed. During the fall of 2013, a proposal to implement CRD IV into Danish law was put forward, and on 18 March 2014 the law passed in parliament.
Significant achievements in financial reforms including strengthening of the banking supervision capabilities of the RBI have enhanced its credibility and instrument independence. Current status In terms of redefining the functions of the RBI, enabling a movement towards meaningful autonomy, Governor Jalan’s statement on Monetary and Credit Policy on April 19, 2001 is a landmark event.