The second phase is scheduled to commence from April 2009 after a review of the experience gained and after due consultation with all the stakeholders in the banking sector. In this phase, three interconnected issues would be taken up.
That said, it seems to me that the cross-border adverse spillovers and excessive global liquidity and the resulting capital flow management difficulties, deemed to be at the root of the crisis, have, to a large extent, failed to be resolved when we look at the international coordination efforts so far to deal with the crisis and what they have involved.