, market participants, and scholars — and give the public the means and the opportunity to provide meaningful feedback on our work. some steps are already underway. we established a new expectation that all fsb policy recommendations will be open for at least 60 days of public comment, instead of the shorter periods used in the past. we began a recent effort around the differences in regulatory environments and market conditions across jurisdictions — known as “ market fragmentation " — by convening key stakeholders and academics for a full - day workshop, which i hope will be the rule for future projects, not the exception. earlier this year, we released publicly the fsb work program for the first time. 3 this broad engagement is essential to understanding new developments that are relevant to financial stability. take, for example, the “ fintech ” trends i discussed in remarks last week, to which the fsb is dedicating significant attention. claims about fintech run the gamut from the utopian to the apocalyptic — yet the mantle of fintech covers a wide range of new business models, products, and trends. their contours and their impact also vary across national boundaries, from mobile wallets in kenya, to online mortgages in the united states, to money market funds founded by technology companies in china. understanding one of these new uses of technology is not the same as understanding all of them. identifying the risks and opportunities they pose requires context, information, and insight that can only come from a variety of stakeholders with experience developing, using, and monitoring them. i will continue to seek ways to invite and encourage engagement during my chairmanship, and to give the public a clearer and fuller view of fsb ’ s decisionmaking process. few efforts are closer to the heart of our collective work or to the accountability and trust that the fsb helps foster. vigilance trust and accountability are also prerequisites for the fsb to pursue its mission. the first prong of our mandate, now a decade old, is to “ assess vulnerabilities affecting the global financial system, and identify and review... the regulatory, supervisory, and related actions needed to address them.... " 4 the fsb ’ s primary role, and its principal contribution to international financial regulation, is to look forward — to see past the issues and practices of the day, and identify new vulnerabilities, long before they lead to widespread economic distress. the fsb ’ s standing committee on assessment of

i have myself made contributions in the field, in collaboration with regional colleagues. the imf sponsored two regional workshops on financial risk analysis in the years i worked for that institution, where we were able to bring together the research that had been done in the caribbean with leading international expertise which the fund was able to provide. out of this effort we now have increasingly sophisticated financial stability reports being published by jamaica, barbados and trinidad and tobago. they all have a regional dimension, because the intra - caribbean linkages are so pervasive that a meaningful assessment of financial stability must take account of risk exposures from around the region, as well as those arising locally. the regional financial architecture is built on this foundation of analysis, as well as the network of cooperation which financial supervisors have established within the caribbean region. we now have regional associations for the supervision of banking, insurance, securities trading and pensions, as well as a regional group on anti - money laundering. bis central bankers ’ speeches the task before you is to stitch together the operational and informational arrangements for regional assessment and monitoring of financial stability on an ongoing basis. the outlines of the way forward are set down in the project document on the basis of which the idb agreed to provide funding for this effort. it envisages that each country ( or sub - region, in the case of the eccu ) will have established an overarching framework for financial stability, led by the central bank. the regional architecture then becomes the mechanism which binds together the national and sub - regional financial stability functions. at its apex sits the committee of central bank governors, with each governor in their capacity as head of the financial stability function in the area under their jurisdiction. it is the task of the current conference to advance the process of putting that system in place. this is a high priority for the caribbean region, and we look forward to a speedy conclusion of your work. bis central bankers ’ speeches