While the consultation process is underway, there has been some feedback that the proposals of the report should manifest as broader guidelines for the banks’ which are recommendatory in nature and not mandatory. While several will remain so, requirements like certification and accreditation can be mandatory.
It is also important that we find a way of managing future crises in a way that reduces the cost to the crisis country and shares the burden more evenly, and so reduces the moral hazard to lenders. If we do not succeed in doing these things, we face the prospect of a significant number of countries losing faith in open, market-based economic systems.