The View from Germany: Standards and Codes – Important Cornerstones for Financial Crisis Prevention

Abstract

Self-assessments of compliance with standards and codes are an important first step in detecting gaps in the domestic regulatory framework and in providing guidance for prioritising implementation efforts. But self-assessments cannot replace external assessments by neutral parties,especially the IMF and the World Bank. Such external assessments normally take into account the views of a broad range of experts, which helps in enhancing the quality of the guidance given.