While most industrialized countries have separate authorities in charge of financial sector regulation and supervision, in most emerging and developing countries this task is concentrated at the central bank. Hence, this area of cooperation is very relevant for our region. As I mentioned, because of technological advancements and financial innovations, the financial markets have become more integrated across countries.
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.