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Weaknesses in the banking system of a country, whether developing or developed, can threaten financial stability both within that country and internationally. The need to improve the strength of financial systems hasattracted growing international concern. The Communique issued at the close of the Lyon G-7 Summit in June 1996 called for action in this domain. Several official bodies, including the Basle Committee on Banking Supervision, the Bank for International Settlements, the International Monetary Fund and the World Bank, have recently been examining ways to strengthen financial stability throughout the world.

ConsultationBackground; Sources of Input for the BCBS Policy Making; The BCBS Public Consultation Process; The BCBS Public Consultation Revisited; Oversight; Background; The Group of Governors and Heads of Supervision; The G20; Conclusion; Section 2. Concluding Remarks and Policy Recommendations; Introduction; Enhancing Reasoned Decision Making and Transparency atthe BCBS; Toward New Consultation Mechanisms: Going Beyond Noticeand Comment; Promoting the BCBS's Accountability at the National andInternational Level; Making the BCBS a More Inclusive Global Standard Setter; List of References

This paper analyzes the BCCI collapse in light of the ongoing efforts of the Basle Committee on Banking Supervision to ensure that "no foreign banking establishment escapes adequate supervision." It reviews the development of the Basle Committee's Concordat and analyzes ways of improving international bank supervision.