1  Since all these new internationally agreed rules are part of a bigger package, they must unfalteringly come into effect as envisaged if the rules are to have the desired effects. Having said that, we also must be mindful of the danger of the means becoming an end unto itself.
If compliance to rules becomes an overarching goal, there could be unintended effects on the functioning of financial intermediaries. Financial regulation must not be the Procrustean bed of Greek mythology. Accordingly, financial authorities and banks must closely monitor the effects of the new rules on the macro economy and financial markets without prejudice and from the broadest of perspectives. I.