I mentioned earlier how, we in Mauritius adopted Basel II and were subjected to FSAP’s by the World Bank and the IMF. Would you believe that it was only last year that the IMF conducted an FSAP for the US?
Leaving aside the fact that the Basel II approach turned out to be flawed, the US had made little effort to tighten its regulation and supervision in accordance with its precepts. The largest economy in the world got away with it, and brought the world economy to the brink of collapse.