Moreover, although most of the resources administered by the BIS are invested in financial assets of top quality at international level and their exposure to the various risks are managed conservatively, a greater portion of such funds could be spend toward the direct purchase of debt denominated in local currencies of emerging countries or to the use of them as collateral of certain bond issuance of countries with limited depth of their financing markets in local currency.
BIS Review 87/2008  3  In a nutshell, carrying out the reforms mentioned above does not mean blindly following certain recipes that must be applied always and under any circumstances. This acknowledges that there are different ways of putting into practice the adequate policies to achieve a stable and deep financial market.