The Financial Stability Forum (FSF) was created in February 1999 to promote international financial stability through enhanced information exchange and international cooperation in financial supervision and surveillance. Its mandate is to assess issues and vulnerabilities affecting the global financial system, and to identify and oversee actions needed to address them.
The members of the Forum are national authorities responsible for financial stability in significant international financial centres, international financial institutions, international regulatory or supervisory bodies, and committees of central bank experts:
| National Authorities | ||
| Australia | Japan | |
| Reserve Bank of Australia | Ministry of Finance | |
| Bank of Japan | ||
| Financial Services Agency | ||
| Canada | Netherlands | |
| Department of Finance | De Nederlandsche Bank | |
| Bank of Canada | ||
| Office of the Superintendent of Financial Institutions | | |
| France | Singapore | |
| Ministry of Economy, Finance & Industry | Monetary Authority of Singapore | |
| Banque de France | | |
| Autorité des Marchés Financiers | ||
| Germany | Switzerland | |
| Ministry of Finance | Swiss National Bank | |
| Deutsche Bundesbank | ||
| BaFin | ||
| Hong Kong (SAR) | United Kingdom | |
| Hong Kong Monetary Authority | H M Treasury | |
| Bank of England | ||
| Financial Services Authority | ||
| Italy | United States | |
| Ministry of the Economy and Finance | Department of the Treasury | |
| Banca d'Italia | Board of Governors of the Federal Reserve System | |
| CONSOB | Securities and Exchange Commission | |
| International Financial Institutions | Committees of Central Bank Experts | |
| International Monetary Fund (IMF) | Committee on Payment and Settlement System (CPSS) | |
| World Bank | Committee on the Global Financial System (CGFS) | |
| Bank for International Settlements (BIS) | ||
| Organisation for Economic Co-operation and Development (OECD) | ||
| International Regulatory and Supervisory Groupings | European Central Bank | |
| Basel Committee on Banking Supervision (BCBS) | ||
| International Accounting Standards Board (IASB) | ||
| International Association of Insurance Supervisors (IAIS) | ||
| International Organisation of Securities Commissions (IOSCO) |
Mario Draghi, Governor of the Bank of Italy, chairs the FSF in a personal capacity.
Svein Andresen, Secretary General, and staff of seven seconded from the IMF, the World Bank, the BIS and FSF member countries.
The FSF meets biannually (usually in March and September) or more frequently as needed.
The FSF holds regional meetings in Latin America, the Asia-Pacific region, Africa and Central and Eastern Europe. In these meetings, Forum members and regional non-members exchange views on issues relevant to the stability of the global financial system and of regional systems.
The Forum also organises roundtable discussions with the private sector on issues of particular interest.
The FSF Chair briefs the G7 Finance Ministers and Central Bank Governors and the International Monetary and the Financial Committee of the IMF.
Working groups and other activities
The FSF does not have permanent working groups. However, ad hoc working groups have analysed particular issues in greater detail, including the operation of highly leveraged institutions, capital flows, implementation of standards, offshore financial centres, large and complex financial institutions and deposit insurance.
The FSF has also developed reference tools like the Compendium of Standards, a list of key economic and financial standards that are important for sound, stable and well functioning financial systems; the Financial Supervision Training Directory; and a Crisis Management Contact List.
Full information on publications and other relevant issues can be found at: www.fsforum.org or by contacting FSForum@bis.org.