ISO 4217 or banking. At the 17th session (February 1978), the related UN/ECE Group of Experts agreed that the three-letter alphabetic codes for International Standard ISO 4217, "Codes for the representation of currencies and funds", would be suitable for use in international trade. Over time, new currencies are created and old currencies are discontinued. Frequently, these changes are due to the formation of new governments, treaties between countries standardizing on a shared currency, or revaluation of an existing currency due to excessive inflation. As a result, the list of codes must be updated from time to time. The ISO 4217 maintenance agency
International Organization for Standardization organization. ISO/IEC directives allow also the so-called "Fast-track procedure". In this procedure a document is submitted directly for approval as a draft International Standard (DIS) to the ISO member bodies or as a final draft International Standard (FDIS) if the document was developed by an international standardizing body recognized by the ISO Council. The first step—a proposal of work (New Proposal) is approved at the relevant subcommittee or technical committee (e.g., SC29 and JTC1 respectively in the case of Moving Picture Experts Group – ISO/IEC JTC1/SC29/WG11). A working group (WG) of experts is set up by the TC/SC for the