It is precisely in this way that the OECD Code of Liberalisation of Capital Movements makes its contribution. Through the Code, countries are provided guidance on the sequencing of liberalisation and the appropriateness of policy response to shocks.
By fostering transparency, dialogue and accountability, adherence to the Code ensures non-discriminatory treatment of countries, provides reassurance to markets as to the scope and duration of measures and catalyses policy support for reforms and adjustments. Overall, the ever more interconnected international environment makes policy co-operation more necessary.