The Cooperation of International Standard Setting Bodies in Banking Regulation based on Macro-Prudential Policy

The International Monetary Fund was established on 1944 for the purpose of surveillance on monetary policy of members. By 1970 and beginning of trade liberalization, financial crises happened in some countries. The Basel Committee on Banking Supervision was established for the purpose of preventing financial crises. The global financial crisis in 2007, caused to distrust to IMF and BCBS and as a result the Financial Stability Board established in 2008. The establishment of these international standard setting bodies made confusion for countries in which standards to obey. The main question in this article is that how should these international standard setting bodies cooperate? Based on an analytic-descriptive approach the data are gathered from library sources. In doing so the unilateral efforts of international standard setting bodies for cooperation is studies first and then the bilateral efforts are studied. According to this article, international standard setting bodies in unilateral and bilateral effort to cooperate together for the purpose of regulating banking standards based on Macro-Prudential Policy.