Such a structured CGBS would eliminate all the concerns Governors now have about the appropriateness of the CCMF for this role in particular the concerns on the legality of regional information sharing. Presently, the conduct of CGBS members towards each other has been guided by a protocol based on mutual respect and trust.
There is a Members’ Handbook and a recently signed Memorandum of Understanding for regional cooperation though none of these are legally binding. In the absence of proper legal authority, there is no real enforcement or disciplinary mechanism  2  BIS central bankers’ speeches  and we must rely solely on peer pressure or moral suasion for compliance with the rules of engagement.