The World Bank and the International Monetary Fund have published a new set of principles for governance in emerging market financial and economic systems. The latest set of guidelines address the need for a strong framework for the development of financial and economic institutions, an ongoing concern for many countries around the globe.
The new guidelines are the first to address the need to maintain a strong rule of law, especially when they deal with cross-border transactions and financial transactions. These new guidelines are also aimed at strengthening institutions’ capacity for dealing with crises and to help manage the risks associated with such transactions. They include a set of principles and recommendations for the improvement of the rulemaking process and the management of risks among the central banks participating in the Single Resolution Mechanism (SRM). These principles can serve as a blueprint for the development of new principles for developing and expanding the SRM mechanism and for the establishment of a new mechanism for managing global liquidity risk under the World Bank/IMF Single Resolution Mechanism. As one of the pillars of the World Bank’s global monetary and financial system development efforts, the new rules address, in detail, the need for the development of a rule of law framework for financial systems in emerging market, developing and developing countries.
Over the last several years, some governments and international organizations have adopted measures to promote stronger cooperation and co-operation among financial institutions by facilitating the sharing of information and best practices. These measures include, for instance, the creation of Financial Sector Action Plans (FSAPs) and International Financial Management Information Systems (IFMSs) developed by leading financial institutions, such as the Bank for International Settlements (BIS) and the Federal Reserve Board (FRB). The goal of these plans is to co-ordinate global financial co-operation and foster collaboration among the institutions to ensure global monetary and financial stability.
Several countries have created or strengthened institutional and regulatory capacities to improve the implementation and management of these FASPs and IFMSs or to coordinate financial regulation, such as the Global Financial System Assessment in the World Bank, the Basel Committee on Banking Supervision and the European System of Central Banks’ (ESCB) Single Resolution Mechanism, and the Financial Stability Board (FSB).
While the FASPs and IFMSs and the coordination of banking supervision by central banks have helped ease the financial shocks that have occurred in the recent past, the development and strengthening of the financial institutions and authorities has not resulted in the creation of new financial systems, which is the ultimate objective of the World
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