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Financial Stability Board

Predecessor Financial Stability Forum
Formation April 2009
Headquarters Basel, Switzerland
Chairman Mark Carney
Affiliations G20
Website FinancialStabilityBoard.org

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]

Contents

  • Background 1
  • Overview 2
  • Membership 3
  • Chairmen of the FSB 4
  • References 5
  • External links 6

Background

The Financial Stability Board emerged from the Financial Stability Forum (FSF), a group of

  • Financial Stability Board
  • fsforum.org - main website
  • April 2008 "Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience"
  • List of FSF press releases, at BIS website.
  • Financial Stability Board Watch
  • Brookings Institution report "The Governance of the Financial Stability Board"

External links

  1. ^ http://www.financialstabilityboard.org/about/contact.htm
  2. ^ Genesis of the FSF, FSF website.
  3. ^ fsforum.org, main website.
  4. ^ FSF:Who we are.
  5. ^ http://www.fsforum.org/press/pr_090312b.pdf
  6. ^ a b Financial Stability Forum meets in Rome, 29 March 2008, Press release, Website of Bank for International Settlements
  7. ^ http://www.bis.org/press/p080412.htm
  8. ^ "Mark Carney gets chance to reshape Bank of England after departure of deputy governor".  
  9. ^ "Links to FSB members". Financial Stability Board. Retrieved 17 November 2011. 

References

Chairmen of the FSB

Organizations

The following countries and organizations are listed as members of the FSB:[9]

Membership

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]

Overview

  • Strengthened prudential oversight of capital, liquidity and risk management;
  • Enhancing transparency and valuation;
  • Changes in the role and uses of credit ratings;
  • Strengthening the authorities' responsiveness to risks; and
  • Robust arrangements for dealing with stress in the financial system.

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]

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