Central banks can play a supporting role in boosting transparency. They can cooperate internationally to identify best practices as well as inefficiencies and existing obstacles. The NGFS is an excellent forum to this end. A recent NGFS study showed that transparency initiatives around the world differ significantly and that numerous divergent taxonomies, standards and guidelines have been developed.
To a large degree, these differences reflect the varying needs in different markets. 1/2  BIS - Central bankers' speeches  What works well in one country may not necessarily be a suitable blueprint for other countries or regions. That said, it's still essential to find some common ground and establish a global baseline for taxonomies, disclosures and other measures to increase transparency.