And why I support the further expansion by the FSB of the scope of coverage of this exercise to include all notable centres of market and non-bank financial activity. Ultimately, a better understanding of the geography of risk will help us to assess properly the nature of the risks posed by market-based financing.
Continued progress needs to be made to forge closer cooperation among central banks and financial regulators. Such enhanced cooperation needs to be underpinned by an improved framework for collecting, managing and sharing data (Lane 2014). Ultimately, better data and closer cooperation will support more coordinated and decisive supervisory action, especially in times of market stress.