BIS and IMF to work more closely together to help strengthen financial supervisory skills around the world

The Bank for International Settlements (BIS) and the International Monetary Fund (IMF) will work even more closely together to help strengthen the expertise and skills of financial regulators and supervisors, particularly in the context of implementing the post-crisis financial reforms and dealing with emerging issues such as financial technology, the heads of each of organisation said.

Representatives from standard setters, financial sector authorities, government agencies, international organisations and regional supervisory groups representing the providers, recipients and donors of technical assistance and training met on 8-9 February in Basel, Switzerland, to exchange views, practices and experiences and to explore possible ways to enhance their cooperation and coordination.

IMF Managing Director Christine Lagarde said such efforts are a major part of the IMF's and the BIS's efforts to promote financial stability and support durable and inclusive economic growth, and are much more than just crisis prevention.

BIS General Manager Agustín Carstens said better coordination among international organisations would help them track the changing needs of financial sector supervisors as policies moved from the drafting stage to implementation and then evaluation, as well as assist them in making the most of limited resources.

In this context, Ms Lagarde and Mr Carstens announced the BIS-IMF initiative to create a new joint online course on banking supervision, which will be made available to financial supervisory officials worldwide later this year.