This volume began with a question: how can economies prevent financial crises and support financial development and economic growth? The preceding parts and chapters have looked at the international response to this question: the system of international standards for financial stability which has become an important component of the international financial architecture. The volume has sought to show that law is important for financial stability and development. The preceding pages have also sought to draw in recent research on the role of law and institutions in order to highlight how economies can work towards not only financial stability but also financial development, both in order to support economic growth. This part looks to issues which remain and recommends approaches to address financial stability and development at the domestic, regional and international levels.

The part begins by looking at the international financial architecture in Chapter Nine, focusing on the twin objectives of financial stability and financial development to support economic growth.

First, we turn to the system of international financial standards. While the system is definitely a major step in the development of the international financial architecture, certain issues remain unaddressed. First, the existing framework focuses on financial stability. As this volume has sought to demonstrate, the system should address both financial stability and financial development. In addition to including certain other specific areas (noted in the preceding chapters), in order to better address the needs of emerging, transition and developing economies, both the standards themselves and the supporting framework for implementation and monitoring should incorporate development issues explicitly.