The Council on Foreign Relations' assessment of global finance notes that excessive institutions with overlapping directives and limited scopes of authority, coupled with difficulty aligning national interests with international reforms, are the two key weaknesses inhibiting global financial reform. Nations do not presently enjoy a comprehensive structure for macroeconomic policy coordination, and global savings imbalances have abounded before and after the global financial crisis to the extent that the United States' status as the steward of the world's reserve currency was called into question. Post-crisis efforts to pursue macroeconomic policies aimed at stabilizing foreign exchange markets have yet to be institutionalized. The lack of international consensus on how best to monitor and govern banking and investment activity threatens the world's ability to prevent future global financial crises. The slow and often delayed implementation of banking regulations that meet Basel III criteria means most of the standards will not take effect until 2019, rendering continued exposure of global finance to unregulated systemic risks. Despite Basel III and other efforts by the G20 to bolster the Financial Stability Board's capacity to facilitate cooperation and stabilizing regulatory changes, regulation exists predominantly at the national and regional levels.