Banking systems in emerging economies have a long way to go to catch up to global norms with respect to disclosure. Banks that want to play in global BIS Review 87/1998  -3-  markets should meet international standards with respect to transparency and disclosure.
This, too, is a lesson handed down to us through a century of Italy’s – sometimes painful – experiences as a nation state.”1 The concept of monetary stability changes with time, alongside the technological and institutional conditions that determine it.