OECD is consulting on general guidance on how to run a proper financial sector. The consultation looks at:
- the features of a well-functioning financial system;
- what the policy objectives of a financial regulatory framework should be;
- identifying the right policy instruments to match policy objectives;
- specification and principles of financial regulation; and
- implementing the system: for example by matching it to institutions.
OECD has suggested a high-level checklist that looks at relevant issues and principles financial regulation should meet.
The document does not go into any detail on the specific issues that regulation should address, or the right form of regulation, so to that extent does not affect any of the current debates at global, European and domestic levels. OECD wants comments by 12 June.