A lot of research work must be done on the introduction of appropriate legal institutional frameworks, the introduction of financial instruments and the improvement of technological systems and human resource skills in the foreign exchange, money and capital markets. Some rationalisation in the use of the existing markets to the advantage of the whole region will be necessary.
Only then will it become possible to consider greater harmonisation and even integration of macroeconomic financial policies such as interest and exchange rate policies, the management of bank liquidity and credit extension on a regional basis, and operations by central banks in a more integrated financial market environment. 6.