Given the global mandates of the FSB and the IMF, effective collaboration could have these two organisations focussing on the analysis of linkages and contagion channels across the main macro areas and on developing policy  BIS central bankers’ speeches  5  options to contain spillover risk.
The ESRB, the FSOC and analogous national and regional institutions elsewhere could focus on sources of risk arising within their jurisdictions and devise policy measures to address domestic developments. The coming years will be crucial to assess the functioning of the new framework and to minimize potential inefficiencies.