One area where more coordination may be possible is banks’ disclosure requirements, where international developments in accounting and disclosure standards will have implications for both countries. Another area where more structured co-ordination obviously would be useful is in crisis management. Concluding remarks By way of conclusion let me recap on what I see as the main points. First, the banking system matters.
For any country, the banking system is one of the most critical elements of its economic infrastructure. This is as true for a country whose banking system comprises mainly overseas-owned banks, as it is for one whose banks are predominantly locally-owned.