These initiatives seek to enhance the transparency and disclosure of economic and financial data, strengthen the surveillance of national and global financial systems, develop mechanisms for support in times of crisis, and provide training in financial sector supervision.
Recognizing the importance of these efforts, Canada has recently proposed the creation of a new international process to provide “peer review” of national financial regulatory and supervisory systems. Efficient and prudently managed national financial systems can reduce the risks, and maximize the benefits, of international capital flows.