22. Keeping in view the developments in the domestic and international financial markets, the extant guidelines on OTC foreign exchange derivatives were revised in December 2010. The revised guidelines laid more emphasis on the suitability and appropriateness aspects of the products being offered.
Financial and monetary cooperation tend to be the last bastion as we have seen with the euro and the European Central Bank. Structural reforms and global participation While central banks in the region will need to be more closely involved in monetary policy coordination, the broader need will be to strengthen structural reforms and to enhance the capacity to participate in the globalisation process.