The FSB has fostered the necessary co-operation and has made solid progress in coordinating the development of appropriate global policies to address the main weaknesses exposed by the crisis. It is also pushing forward in other directions, including reforming financial benchmarks, like LIBOR, improving data collection and information exchange, and achieving a common global set of high-quality accounting standards.
These post-crisis policies have benefitted from public solicitation of feedback and in many cases from consideration in open meetings of the Board of Governors. Transparency and incorporation of public feedback in these areas have produced more effective supervision and regulation.