Typically, this authority is derived from a statutory delegation of power to a non-governmental entity. In some countries, SROs do not have formal regulatory status but nevertheless provide codes of good conduct and master agreements and perform important roles in the standardisation of common practices without any formal regulatory status.
The conclusion throughout the developed world was that priority has to be given to reducing government debt to a reasonable level by limiting the budget deficit, and to easing the tax burden by cutting government expenditure as a share of GDP.