Citing, among other things, the CLICO and BAICO experiences, they tasked the Committee of Central Bank Governors to prepare a proposal for the creation of a regional architecture for financial stability for final consideration by the Council for Finance and Planning (COFAP). The mandate was to accelerate the construction of a robust regional financial stability framework.
Secondly, the astounding developments in electronic data processing techniques that make it possible to store, analyse and transmit a massive amount of information on financial markets, financial assets and financial results of individual institutions to all destinations around the globe. Thirdly, a growing amount of saving, surplus to the investment needs of the major developed and fully industrialised countries.