|Summary:This paper serves as background reference to the paper, "2011 Review of the Standards and Codes Initiative." The Initiative, which covers standards in 12 policy areas relevant for Bank and Fund work, was created as an integral part of a global response to promote financial stability in the aftermath of the Asian crisis in the 1990s. This paper discusses developments since the Initiative’s last review in 2005. In particular, it covers the evolution of standards in the 12 policy areas, progress in implementing measures to improve the effectiveness of the Initiative, the role that the Initiative played in the recent global crisis, and perceptions of major stakeholders reflected in survey responses and bilateral consultations
conducted by staff.