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The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the 2009 G-20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF). The Board includes all G-20 major economies, FSF members, and the European Commission. It is based in Basel, Switzerland.[1]
The Financial Stability Board emerged from the Financial Stability Forum (FSF), a group of
The following countries and organizations are listed as members of the FSB:[9]
The FSB represents the G-20 leaders' first major international institutional innovation. Secretary of the US Treasury Tim Geithner has described it as "in effect, a fourth pillar" of the architecture of global economic governance. The FSB has been assigned a number of important tasks, working alongside the IMF, World Bank, and WTO. Chairman of the board is the Canadian Mark Carney, Governor of the Bank of England.[8]
The Financial Stability Forum met in sovereign wealth funds (SWFs). The IMF is working closely with SWFs to identify a set of voluntary best practice guidelines, and is focusing on the governance, institutional arrangements and transparency of SWFs.[6] On April 12, 2008 the FSF delivered a report to the G7 Finance Ministers which details its recommendations for enhancing the resilience of financial markets and financial institutions. These recommendations cover five areas of financial oversight:[7]
[5] decided to establish a successor to the FSF, the Financial Stability Board. The FSB includes members of the G20 who were not members of FSF.2009 G-20 London summit At the G20 summit on November 15, 2008 it was agreed that the membership of the FSF will be expanded to include emerging economies, such as China. The [4]
Zürich, Geneva, France, Switzerland, Germany
City of London, European Union, United Kingdom, HM Treasury, Economy of the United Kingdom
Ontario, Quebec City, Quebec, Ottawa, Aboriginal peoples in Canada
Qatar, Bahrain, Yemen, Arabic language, Kuwait
Isle of Man, India, Canada, European Union, British Overseas Territories
Systemic risk, Systemically important financial market utility, Financial risk, Bank, Insurance
Rome, Federal Reserve System, Bank for International Settlements, Basel II, Financial Stability Board
Finance, Federal Reserve System, United Kingdom, Canada, Federal Deposit Insurance Corporation
Subprime mortgage crisis, Federal Reserve System, Hedge fund, Bear Stearns, Lehman Brothers
Federal Reserve System, International Monetary Fund, World Bank Group, /anization, Caribbean Community