And co-operation among governments and central banks has played an important part, whether within the G-7, the G-20, or the several specialized groups that have emerged, such as the Financial Stability Forum. These efforts have paid off.
Despite several dramatic events that might have rocked financial systems worldwide, the work done by these groups has led to the development of ways to mitigate shocks that, in previous decades, would have been very destructive. 2  BIS Review 50/2003  But obviously, huge challenges remain both for private financial institutions and for the public sector nationally and internationally.