The IMF is leading the implementation of this effort, but other international bodies--including the World Bank, the Basel Committee, and the Organization of Economic Cooperation and Development--are also taking part.
Examples of actions so far include the Financial Sector Assessment Program, under which IMF and Bank staff assess the strengths and vulnerabilities of member countries' financial sectors, and the IMF preparation of reports on the observance of standards and codes, which address a country's progress on meeting standards in a broad range of areas. While promising, these initiatives have not been without difficulties.