2  BIS central bankers’ speeches  Every jurisdiction has different requirements, and our view is that we must ensure that jurisdictions don’t go too far down the road toward more domestically oriented financial system reforms. In an interconnected world, the actions of one country affect others. If all jurisdictions act in their own national interest, narrowly defined, everyone could be left worse off.
Co-operative outcomes are superior. Mutual recognition This points to the need for coordination among regulators. The G-20 reforms can make the world safer for international capital flows only as long as there is consistent implementation of international standards and mutual recognition among authorities.