In the course of this year the G8 authorities have focused their work on immediate solutions to apply the first of the General Principles for International Remittances Services, namely: “The market for remittances should be transparent and have adequate consumer protection”.
By working with regulators to implement coherent macro stress tests on the banking system they can jointly assess the ability of the banking system to withstand severe macroeconomic shocks. These tests would incorporate existing vulnerabilities. Their main goal is to encourage the institutions themselves, as well as the supervisory bodies, to take remedial measures to increase resilience, as necessary.