This distinction may seem subtle, but it is the one which applied to the process of domestic financial deregulation in Australia: as the old prescriptive rules were dismantled, they had to be replaced by the broad framework of prudential supervision. 3  BIS Review 55/2000  well-established political process to adjudicate between rival claims and achieve some kind of consensus.
But this is not enough. At the BSP, we have formally taken on financial stability as a prudential task. A high-level committee has been operating for this purpose, working on an agenda consistent with international reform initiatives.