Within this framework, the GPFG should be managed in a responsible way. The report to the Storting notes that there is broad political agreement that the GPFG should not be an instrument of foreign policy or climate policy, and it is important that this continue to be the case in the future. Restrictions or instructions that have a significant impact on the trade-off between return and risk will limit the potential to achieve solid performance over time. 2/2  BIS central bankers' speeches
There are challenges that still exist in coordinating across multiple agencies – domestically and internationally and, at times, with competing agendas (e.g., prudential vs. conduct). As well, there remain some challenges to effectively sharing information, and while some legal impediments have been resolved, the seamless exchange of information is not yet the norm among key supervisors. I do believe that the trust level is building among supervisors as a result of the hard work over the past couple of years, but this will be an ongoing effort as players change and circumstances evolve. There have been several opportunities over the past year to test some of the close coordination among supervisors and regulators, and I think they have provided valuable experience – and lessons learned – for those involved. What I think has been clearest in those lessons is the ongoing need to coordinate – to ensure that problems are well understood from each vantage point or jurisdiction, that mitigants are discussed and implemented as necessary, and that all stakeholders are well informed – all of this to ensure that problems don’t become systemic. A final point on enhancing coordination and communication is ensuring that supervisors continue to develop an understanding of the impact of the new rules and regulations across global organizations. As I noted earlier, there is recognition that regulatory changes are affecting strategies, business models, and business activities in a meaningful way – and that this is occurring across organizations (not just locally).