Indeed, this calls for decisive reforms to bolster the development and deepening of local money and capital markets, including the issuance of bonds denominated in local currency.
The process will be lengthy and complex, requiring a suitable legal framework, adequate infrastructures, a large institutional investor base, stable macroeconomic conditions and predictable policy-making, as has been demonstrated by the extensive analysis conducted and the guidelines then issued by the Bank of International Settlements (BIS), the World Bank and the G20.8 Several of these conditions have already been achieved in the process of integration in the EU.