This requires that international agreements, cooperation and coordination ensure international public control, so that negative externalities such as systemic risk or the possible negative impact on economic growth due to financial instability are prevented as far as possible. In addition, international cooperation helps to ensure that a regulatory “level playing-field” exists such that the possibility of regulatory arbitrage is avoided.
Monetary policy has become more complex, as have the Bank's operations in the banking and payments areas. The recommended changes in this Review will help us do our job in this changing world and are consistent with our internal staff values, including serving the public interest and achieving excellence.