As you can imagine, more participation in the elaboration process would greatly facilitate the productive discussion of the implementation issues of the Forum’s international standards that I have just mentioned. This issue of participation is critical in the case of reform of the credit risk capital rules to ensure that it addresses the needs of all global market participants.
The regulatory capital framework must be drafted with a view to its implementation in emerging markets as well as advanced markets, which requires more intensive and effective participation by emerging market regulators in the drafting process.