BIS Review 64/2009  5  Part of the way forward is the work towards increased cooperation in financial supervision, which is on both the EU and the global agenda, now even more prominently than before the crisis.
Weaknesses in the non-price factors are common in Pakistan as in any emerging market economy and have required Government to play a coordinating role and lay down policies and procedures to address market failures. Notwithstanding these measures, reliance on allocative and creative functions of the market may not be optimal particularly with underdeveloped markets and institutions.