IIF Authors

Status: Will be live at 03/15/2017 00:00

International Regulatory Standards: Vital for Economic Growth

Wednesday, March 15, 2017

Where the role of international regulatory processes and standard-setters has been questioned, and has particular prominence since the election of the new US administration, this presents a genuine threat to the effectiveness of the global regulatory framework and the functioning of markets.'  Global standard setters make positive and' important' contributions across all economies, from large developed markets to emerging market (EM) economies, and a loss of international consistency which would come at a considerable cost to economies around the world.

This paper that highlights the beneficial role that international standard-setting bodies play in the global economy, and suggests areas of potential reform so that these bodies can continue their contributions more effectively. Institutions such as the FSB and BCBS have helped make the system safer and more robust, and the IIF continues to support international consistency and coordination, which are critical to the efficient flow of capital, enabling competition, creating efficiencies and reducing costs.

To ensure this role can endure in the face of some areas of criticism, the IIF suggests some areas of reform for the consideration of international standard-setters, encouraging these institutions to continue improvements in areas such as transparency and impact assessments, as well as making enhancements to consultation processes.