The 2008 world financial and economic crisis underscored the need for sound regulation of financial markets to strengthen financial and economic stability, as well as the imperative of a global financial safety net. We welcome the important steps taken since Monterrey, particularly following the crisis in 2008, to build resilience, reduce vulnerability to international financial disruption and reduce spillover effects of global financial crises, including to developing countries, in a reform agenda whose completion remains a high priority. The IMF membership bolstered the Fund’s lending capacity and multilateral and national development banks played important countercyclical roles during the crisis. The world’s principal financial centres worked together to reduce systemic risks and financial volatility through stronger national financial regulation, including Basel III and the broader financial reform agenda.

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