Share

Financial Markets and International Financial Architecture

The G20 attaches great importance to the role of the financial sector in ensuring sustainable economic development and the stability of financial markets. The OECD supports this ambition by contributing to the G20 discussion on capital flows, including by promoting further the relevance of the OECD Code of Liberalisation of Capital Movements for all G20 members in the G20 International Financial Architecture Working Group. Furthermore, the OECD has supported the G20 emphasis on promoting small and medium-sized enterprise (SME) development, including access to finance, participation in GVCs, corporate governance and taxation rules. The G20 adopted the G20/OECD High Level Principles on SME financing and G20/OECD Principles of Corporate Governance. The OECD has also been supporting the G20’s efforts to promote financial inclusion by strengthening financial consumer protection and financial education.

International Financial Architecture

The Code of Liberalisation of Capital Movements (the Code) was adopted in the OECD in 1961 at a time when many OECD countries were in the process of economic recovery and when the international movement of capital faced many barriers.


Today, all 35 OECD countries and an increasing number of G20 members (since 2012, this instrument is open for adherence by non-OECD countries) adhere to the Code. In March 2017, G20 Finance Ministers and Central Bank Governors made a call for non-adherents to consider joining the Code. Since then three additional G20 members have requested adherence to the Code and their adherence process has started.


In 2016, adhering countries adopted terms of reference for a review of the Code with a view to strengthening it and ensuring its continued relevance. The OECD regularly updates the G20 on the review of the Code.

Financial Consumer Protection and Financial Education

The OECD plays a leading role in developing guidelines for policy makers on financial consumer protection and financial education, which are critical in supporting meaningful, safe financial inclusion that contributes to inclusive growth. The OECD coordinates the G20/OECD Task Force on Financial Consumer Protection and the OECD International Network on Financial Education develops policy tools and research on financial literacy. The OECD is an implementing partner of the Global Partnership for Financial Inclusion (GPFI) and its subgroup on Financial Consumer Protection and Financial Literacy.

Following endorsement of the G20 High-level Principles on Financial Consumer Protection in 2011, the G20/OECD Task Force on Financial Consumer Protection is supporting the implementation of the G20 High-level Principles. In July 2012, the Principles were adopted by the OECD Council as a Recommendation, thereby expanding the coverage of the principles to include all OECD member countries.

Financial education is now universally recognised as a core component of the financial empowerment of individuals and the overall stability of the financial system. In 2016, G20 Leaders endorsed the High-Level Principles for Digital Financial Inclusion to highlight the need to strengthen financial and digital literacy as an important component of the international policy agenda. OECD International Network on Financial Education (INFE) has been supporting the implementation of this High-Level Principle by preparing reports, especially considering the impact of the increasingly digitalised economy.

OECD/INFE is also committed to supporting women’s financial empowerment and the related G20 agenda by providing policy evidence, analysis, and guidance to help policy makers address women’s needs for financial awareness and education.

In support of the Argentinian presidency’s financial inclusion agenda as well as the implementation the High-Level Principles for Digital Financial Inclusion, the G20/OECD Task Force has produced a Policy Guidance Note on Financial Consumer Protection Approaches in the Digital Age and the OECD/INFE a Policy Guidance Note on Digitalisation and Financial Literacy.