BIS central bankers’ speeches  1  Rigorous monitoring of national implementation While rule-making at the international level is a necessary condition for financial stability, it is by no means sufficient. For the rules to be effective, they have to be translated in national laws and regulations in a timely and consistent manner.
Therefore, we need to strictly monitor implementation, disclose the respective findings, and let peer pressure work its magic. The FSB and international standard-setting bodies have jointly developed a coordination framework for implementation monitoring to ensure consistent implementation of the reform agenda.