This report examines the evolution of global coordination and standards as a structural element of the financial system. It assesses how variations in regulatory approaches, technological frameworks, and sustainability requirements contribute to fragmentation, and proposes a conceptual architecture to improve coordination and interoperability.
Analysis of Global Coordination and Standards
Global coordination and standards increasingly function as system-level mechanisms shaping information flows, payment infrastructures, sustainability reporting, and cross-border risk management. As international financial activity expands, divergences in standards generate operational frictions and potential channels for systemic risk.
This report reviews current developments across major standard-setting bodies and maps them onto the Five-Layer Financial Ecosystem Framework used by Bank & Finance. The analysis identifies areas of convergence, domains with persistent divergence, and gaps where common baselines could strengthen resilience.
Scope and Motivation of the Report
The assessment focuses on five categories of standards with material implications for financial stability:
- Digital and data interoperability
- Climate, nature, and sustainability disclosures
- Prudential and market-conduct frameworks for NBFIs
- Oversight of frontier technologies
- Cross-border crisis management and sovereign-debt processes
The objective is to provide a structured understanding of how these areas interact within the global financial architecture.
Main Findings
- Standards operate increasingly as part of the financial infrastructure layer.
- Fragmentation across jurisdictions remains a significant supervisory and operational challenge.
- A hybrid model—global baselines with national implementation differences—appears to be the most feasible path for coordination.
- Climate and sustainability disclosure frameworks are advancing, though inconsistencies persist in metrics and transition planning.
- Digital identity, data governance, and cyber resilience require additional harmonization to support interoperability.
- Oversight approaches for NBFIs diverge materially across jurisdictions.
- Governance of AI, cloud, and quantum technologies is emerging and lacks shared reference points.
Relevance for Policymakers and Institutions
The findings are relevant for central banks, supervisory authorities, finance ministries, financial institutions, and market infrastructures operating in multi-jurisdictional environments. The report also contributes to ongoing discussions on the design of global coordination mechanisms.
Download the full report (PDF): Global Coordination and Standards
