Notwithstanding the progress made, more can definitely be done to bring regional financial cooperation to a level that is on par with the region’s economic and financial potential. BIS Review 86/2007  7  Financial cooperation and efficiency Financial market efficiency is important in accelerating economic development, and market efficiency also contributes to achieving and preserving macroeconomic stability.
In addition to pursuing sound economic and financial policies, the region may need to consider implementing its own financial sector model. Such an arrangement will help ensure an orderly and stable financial environment such that any emerging vulnerabilities may be spotted early and may not pose serious risks to the region’s financial markets and economies.