And to prevent a regulatory race to the bottom among jurisdictions. Naturally, they have therefore been fitted to the organisational structures, the business models, of such large international banks. Since the adoption of the international Basel II framework in 2005, the complexity of these rules has mushroomed.
Just as the WTO is charged with promoting free and fair trade in goods and services, so should the IMF be the international organization dedicated to promoting a wellfunctioning, market-based international financial system. We need an IMF where all members commit to playing by the rules of the game - a set of guidelines for policies that best support a market-based international financial system.