The Fund has also started to pay greater attention in its work to financial markets and financial systems and has been critically examining both its policy prescriptions and its general approach to conditionality. Representation has greatly improved, with an additional eight Asian countries gaining membership of the BIS. The creation of G20 (with six Asian members) is, potentially, a good breakthrough.
At a more detailed level, the negotiation of Basel II involved a degree of consultation entirely missing from Basel I (which had been tailored specifically for G10).