Desirable approach at national level Briefly stated, the recent international initiatives in regard to standards and codes provide at best a partial solution to the problems of existing international financial architecture. Furthermore, in the context of a crisis, they provide solutions at domestic level for issues that may often originate outside the country.
Finally, they do not assure international financial stability although they may contribute to it. Yet, there are several reasons why public policy and national authorities need to focus on the  4  BIS Review 62/2001  international standards and codes and these reasons centre around both efficiency and stability of financial sector in the country.