To monitor for progress, the FSB, working with the International Organization of Securities Commissioners, will review members’ progress in two years. In five years, the FSB will then do a more thorough assessment across our membership of the effectiveness of the measures in addressing risks to financial stability.
In comparison with other emerging market deficit countries, our deficit is the product of both weak export and strong import performance. In Brazil and Indonesia, current account deficits have come mainly from falling prices of commodity exports, whereas in India and Turkey deficits have grown mainly because of rising imports, with exports little changed.