This is hoped to guide financial policy makers and help them achieve stronger and more resilient financial systems, leading to sustainable economic growth.

“The systemic importance of the financial system was clearly demonstrated by the huge human and social impact of the crisis,” said OECD secretary-general Angel Gurría.

“To prevent its recurrence, we need to correct a number of failures, including of regulation, supervision, corporate governance and risk management. This is a major task and to accomplish it, we cannot rely only on incremental, piecemeal reform,” he added.

“We must get the whole system right so that the financial sector can effectively resume its vital role in the functioning of the global economy.”

According to the OECD, higher transparency is essential to improve the financial systems through ensuring such things as the availability of internationally comparable statistics and indicators.

Furthermore, the principles state that governmental authorities should have the legal powers to compel the collection and dissemination of data.

In addition, surveillance and analysis of the financial system should be strengthened, involving close cooperation among governments through techniques such as market failure analysis.

However, governmental authorities, including regulators, should also publish annual reports, identifying key risks in the financial market and what should be done to address them, the OECD said.