But they tend to be a bit formalistic, concentrating on comparing the language of domestic implementation to that of the international standards, rather than examining whether domestic practice in fact ensures substantive compliance or gaining a shared understanding of the unique risks in each market.
It would, I believe, be counterproductive to establish in either the Basel Committee or the FSB the kind of adversarial dispute settlement process associated, for example, with the World Trade Organization. It is in the interest of all members of those bodies to cooperate in the shared task of overseeing internationally active banks.