On many occasions, Duisenberg explained that free capital flows were in the interest of The Netherlands. As a small, open economy, the Netherlands could only benefit from international cooperation, free trade and free capital markets. Duisenberg advocated the opinion that integration of monetary policy was the inevitable reply to this liberalization of European money and capital markets.
To achieve these objectives, the Basel Committee has developed the Core Principles for Effective Banking Supervision, while the Committee on Payments and Settlement Systems has drawn up the Core Principles for Systemically Important Payment Systems. Universal principles for insurance as well as security market regulation have also been developed. The fourth area of financial sector reform concerns involving the private sector in crisis prevention.