Hence, as I have argued earlier, since each jurisdiction is at different stage of economic and political development, the supervisory authorities must be accorded a greater degree of freedom to fine-tune the regulations in keeping with the jurisdictional needs.
c) Calibration over a longer time horizon: Besides granting greater flexibility and discretion, in keeping with the requirements of the EMDEs, it is important that the implementation of the reform agenda is stretched out over a longer time horizon. This would allow the regulators to prepare the financial system and particularly the banking system for the stringent measures.