Many third party service providers are outside the regulatory perimeter, and the authorities should carefully evaluate whether the existing oversight frameworks are  35 36 37 38  39  FSB, “Financial Stability Implications from FinTech, Supervisory and Regulatory Issues that Merit Authorities’ Attention,” 27 June 2017.
Let me try to integrate what I have said so far. On the one hand, international economic linkages, like trade and FDI flows, have become stronger and more sophisticated. In itself this would lead to more co-movement (or synchronization) of business cycles, because common and country-specific shocks are transferred more ‘effectively’ and rapidly between countries.