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Promoting Financial Stability:
Denver, June 21, 1997
[Final Report to the Heads of State and Government on Promoting Financial Stability]
At the request of the Heads of State and Government in Lyon, the G7 Ministers of Finance are pleased to report on the extensive progress that has been achieved in promoting the stability of the global financial markets in the four areas delineated in the Lyon Summit Communique:
Looking beyond the Denver Summit, G7 Finance Ministers urge that efforts to strengthen the international financial system continue. We have identified two areas warranting particular effort. In the area of enhancing cooperation among supervisors of globally- active financial institutions, we have encouraged international regulatory bodies and national supervisors to reach agreement and implement their proposals for enhanced cooperation. We are also undertaking an assessment of the impediments to information sharing that have been identified. With respect to strengthening financial systems and prudential supervision in emerging economies, we have asked the G10 Deputies, in collaboration with emerging market representatives, to review implementation of the strategy proposed by the working party. We have also called on the international regulatory bodies, the IMF and the World Bank to report to Finance Ministers next April on their contributions to this process.
[*] The term "Supervisors" is meant to refer broadly to national supervisory and regulatory authorities, and, where applicable, to organizations of supervisors, including the Joint Form on Financial Conglomerates, or its sponsoring bodies, the Basic Committee on Banking Supervision, the International Organization of Securities Commissions ("IOSCO") and the International Association of Insurance Supervisors ("IAIS").
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Source: Released at the Denver Summit of the Eight
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