PREFACE There is a broad agreement

PREFACE
There is a broad agreement among members of the international financial community that the observance
of international standards and codes is pivotal in strengthening national and international financial
architecture. In a world of integrated capital markets, financial crises in individual countries can imperil
international financial stability. At the global level, international standards enhance transparency. They
help to better identify weaknesses that could contribute to economic and financial vulnerability, foster
market efficiency and discipline, and ultimately contribute to a global economy that is more robust and
less prone to crisis. At the national level, international standards provide a benchmark that can help
identify vulnerabilities as well as guide policy reform. To best serve these objectives, however, the scope
and application of such standards need to be assessed in the context of a country’s overall development
strategy and tailored to individual country circumstances.