International co-operation is a key factor for economic development. Hence, compliance with international and regional standards is key to the sustainable growth of an international financial centre. As a result, the regulatory framework at national level is significantly influenced by institutions for international and regional cooperation (IRIs). This article considers the establishment of IRIs, such as the Financial Stability Board (FSB) and the European System of Financial Supervision (ESFS), which includes the European Supervisory Authorities and the Single Supervisory Mechanism (SSM). It succinctly tries to address the questions: What has led to the establishment of these institutions? How do they influence the regulatory and supervisory framework at national level? The central argument of this article is that crises form the catalyst for the establishment and further development of IRIs. Such institutions promote harmonisation, cooperation between financial supervisors and convergence of supervisory practices to solve common problems. IRIs are supranational bodies that play an important role in the international architecture by developing regulatory standards, monitoring...