Financial Stability Board
The Secretariat to the Financial Stability Board Bank for International Settlements (short: Financial Stability Board - FSB ), in German-speaking countries as the Financial Stability called, is an international organization that the global financial system monitors and makes recommendations. It was set up at the summit of the group of the twenty most important industrialized and emerging countries (G20) in London in April 2009 as the successor to the Financial Stability Forum . The FSB is based at the Bank for International Settlements in Basel, Switzerland. In addition to institutions from the G20 countries, international institutions such as the World Bank , the European Central Bank and the European Commission are members.
tasks
The tasks of the FSB include:
- Assessing threats to the financial system and developing countermeasures.
- Promoting cooperation and the exchange of information between institutions that are responsible for financial stability.
- Regulation of the issuing of the LEI by the Global Legal Entity Identifier Foundation GLEIF.
- Monitoring of and advice on market developments and their influence on regulatory measures.
- Monitoring of and advice on best practice in regulatory standards.
- Conduct joint strategic studies on the development of the policies of international standard-setting institutions to ensure that their work is timely, coordinated, prioritized and focused on gaps.
- Establishment of guidelines and assistance in setting up monitoring bodies.
- Elaboration of risk plans for financial crises, especially with regard to systemically relevant companies.
- Cooperation with the International Monetary Fund on the introduction of an early warning system.
organization
The organization is set out in a statute (Financial Stability Board Charter). The FSB meets twice a year and when necessary. In addition, regional conferences take place in which non-members also take part. Between the meetings, the FSB is chaired by a chairman and a secretariat assigned to him. Decisions are made in the plenum of the members. An essential part of the work of the FSB is the publication of studies and recommendations. These are available to the public on the FSB website.
Chair of the FSB
- Mario Draghi (2009–2011), President of the European Central Bank from November 2011 and President of the Italian National Bank until 2011 .
- Mark Carney (2011–2018), Director of the Bank of Canada since 2008 , Governor of the Bank of England from July 1, 2013 .
- Randal K. Quarles (2018-), from October 2017 Governor and Vice Chairman for Supervision, US Federal Reserve
Publications
The FSB regularly issues the following publications, among others:
- since 2011: List of Global systemically important banks (G-SIBs) - List global systemically important banks
- since 2013: List of Global Systemically Important Insurers (G-SIIs) - List of globally systemically important insurance companies
literature
- Domenico Lombardi: The Governance of the Financial Stability Board . Brookings Institution , Issues Paper , September 2011 (PDF; 609 kB) . (English; including the history of the FSB)
Web links
- FSB website
- Financial Stability Board Watch (joint project of three non-governmental organizations; English)
Individual evidence
- ^ List of members of the FSB
- ↑ Financial Stability Board Charter (PDF, 29 kB)