The development and implementation of internationally accepted economic, financial and statistical standards can help promote sound domestic financial systems and international financial stability. While a broad range of political, social, legal and institutional factors impinge on financial stability, the focus of the FSF is on economic and financial standards which are generally accepted by the international community as being objective and relatively free of national biases. The development, adoption, and successful implementation of international standards yields both national and international benefits. It helps to:
It is worth noting, however, that the implementation of standards in itself is not sufficient to ensure financial stability.
Standards are not an end in themselves but a means for promoting sound financial systems and sustained economic growth. They need to be continually reviewed in order to remain relevant in the face of changing circumstances. The relative importance of different standards to individual economies depends on their financial structure and other domestic circumstances. Their implementation must fit into a country's overall strategy for economic and financial sector development, taking account of its stage of development, level of institutional capacity, and other domestic factors. Successful implementation of standards involves a process of interpretation, application, assessment, enforcement. It is critical that economies have in place an effective legal framework and infrastructure for enforcement.