These are just a handful of issues that must be resolved before any such regulations could be fleshed out. There is another international debate taking place on liquidity monitoring. As I noted, the current financial crisis initially emerged as a liquidity crisis. At the time, the system used by regulators to monitor the liquidity of internationally-active banks was inadequate.
The discussion therefore turned to ways to increase the effectiveness of international monitoring by developing common liquidity metrics and sharing information among regulators. At the current point in time, the debate focuses on which liquidity metrics would be appropriate to use. However, there are significant differences from country to country in the effectiveness of liquidity monitoring.