To promote financial stability, central banks have been cooperating in the area of financial supervision and prudential regulation. Besides central banks, policymakers and other market players also have been involved in these international efforts. One example of successful cooperation among central banks in this area is the Basel Committee on banking supervision. In addition, central banks participated in the Financial Stability Forum.
In our region as well, we have several central bank organizations aimed at promoting financial stability. Notwithstanding these efforts, the world economy experienced a major financial crisis in 2007. We are still experiencing the effects of this crisis.