The reason for this is that, if the regulatory measures agreed at international level are to have their intended effect, it will be absolutely crucial for them to be implemented consistently in the individual countries as well. That also includes adhering, as far as possible, to the timelines agreed for their implementation so that competitive distortions are avoided as far as possible.
To prevent the emergence of a regulatory gap, the regulations should be applied not only in the G20 countries but also, preferably, in all countries with developed financial systems. Regulators and supervisors are aware of the importance of consistent national implementation. For that reason, we have significantly expanded our work in monitoring national implementation over the past few years.