The Financial Stability Board
At the Pittsburgh Summit, the Heads of State and Governments of the Group of Twenty agreed the creation of the Financial Stability Board (FSB). They endorsed the FSB’s original Charter of 25 September 2009 which set out the FSB’s key role in promoting the reform of international financial regulation.
The FSB is comprised of 3 bodies; The SCAV who identify and assess risks, the SRC who frame a regulatory or supervisory policy response to a material vulnerability identified by SCAV and the SCSI who monitor the implementation of agreed FSB policy initiatives and international standards.
The FSB contains the world’s largest international political/economic institutions as its board members;
|Financial Stability Board member|
|European Central Bank|
|Bank for International Settlements (BIS)|
|International Monetary Fund (IMF)|
|The World Bank|
|Basel Committee on Banking Supervision (BCBS)|
|International Association of Insurance Supervisors (IAIS)|
|International Accounting Standards Board (IASB)|
|International Organization of Securities Commissions (IOSCO)|
|Committee on Payments and Market Infrastructures (CPMI)|
|Other – See link http://www.fsb.org/about/fsb-members/|
Table 1: Members of the Financial Stability Board.
Figure 1: Composition of the Financial Stability Board