This has implications for the quality, consistency and timeliness of data, with the risk of subjective interpretation, manipulation and delays, leading to potential adverse consequences in many forms. Even where the information collection and submission process is largely IT based, process design itself has to be in sync with information and reporting requirements.
Time is critical for all parties and help from international finance institutions including from vehicles such as EFSE is needed more than ever to: mitigate the impact of the crisis in the region, resolve the prevailing credit crunch and, more importantly, to secure the stability of the financial sector.