National financial markets are becoming steadily more integrated, resulting in more efficient utilisation of capital and stronger economic growth.

At the same time, there is an increasing reciprocal influence among countries. The globalisation process makes it important to ensure equal competitive conditions, assess the risk of contagious turbulence, promote measures to reduce vulnerability and risk, and have contingency plans for crises in cross-border financial institutions. A number of international organisations in which Norway is a member are working on these issues.  

• The EU internal market for financial services implies joint EU legislation in this area. The European Commission takes the initiative for developing these rules and regulations, and the Directorate-General Internal Market and Services (DG Markt) is responsible for work relating to financial services. Through the EEA Agreement, Norway is a part of the internal market for financial services. Read more about the EEA Agreement.
• The International Monetary Fund (IMF) and the World Bank assess the risk in the global financial system and in the national systems and propose risk-reducing measures.
• The Bank for International Settlements (BIS) is responsible for promoting cooperation among central banks. The BIS is also the secretariat for various committees whose remit is to contribute to a more robust global financial system. The Basel Committee, for example, shall promote international cooperation on the regulation and supervision of banks.
• The Organisation for Economic Cooperation and Development (OECD) is a cooperative forum for developed industrial countries. The OECD’s aim in the financial sector is to promote liberalisation and develop best practice internationally in various aspects of financial sector developments.