The package provides all jurisdictions with a framework for assessing and addressing vulnerabilities in their MMFs, and an agreed set of policy tools. Frankly, we would have gone further. Like many other central banks, we had favoured the adoption of global mandatory standards rather than a menu of options. Nevertheless, we consider this agreement as a first important milestone.
Discussion and reflection within the FSB have resulted in a common framework that will help authorities to frame and explain their actions. Under the framework, some action is required in all jurisdictions, on the basis of local circumstances.