As we all know, massive liquidity interventions by central banks were needed to restore market functioning and support the provision of credit. The interconnections in the global financial system—across countries and between banks and non-bank financial institutions—have brought great benefits. But these interconnections can also propagate and amplify stress.
The IAIS has advanced the effort to tackle these problems with an active and comprehensive program of outreach: by extending the length of public consultations whenever possible; by expanding participation of new stakeholders in public events; by organizing subject matter specific workshops on emerging risks; by expanding efforts to seek input from consumer groups; and, by reaching out to academics with more roundtable discussions with investors and rating agencies.