This may be aggravated in  cases where more than one regulator has an interest, a situation which calls for greater collaboration, proper coordination and effective communication. 6  Navigating these risks remains work in progress, with central banks  across  the  world  adopting  a  wide  variety  of  approaches.
From my perspective key elements of a robust approach by central banks should include the following six elements: First: clear leadership, guidance and consultation on the desirable direction for the development of the financial sector, including reforms to the regulatory environment.