The next step is to sensitise all concerned – policy makers, regulators and market participants – to the issues involved and to seek the widest possible debate on issues as well as expert assessments with a view to generating a broad consensus on implementation of a universally recognised set of codes and standards.
Universal Banking Since the early 1990s, banking systems worldwide have been going through a rapid transformation. Mergers, amalgamations and acquisitions have been undertaken on a large scale in order to gain size and to focus more sharply on competitive strengths. This consolidation has produced financial conglomerates that are expected to maximise economies of scale and scope by ‘bundling’ the production of financial services.