Critical financial sector reforms cannot be implemented by financial supervisors alone. Legislative support is necessary to provide for the required legal and regulatory environment for these reform objectives. Close coordination with Congress as well as active participation in the legislative process remain pivotal.
These policy and structural issues are known to most stakeholders. What is missing, however, is a holistic framework that ties them into a common strategic and tactical plan. This is ultimately a challenge of orderly execution and the need for an uncompromising commitment among stakeholders to adhere to the plan.