In this article, We learn about "Financial Stability Board".Let's Go!
In order to strengthen the supervision of financial markets, G20 leaders decided in April 2009 to expand the membership scope of the original Financial Stability Forum (FSF) and rename it the Financial Stability Board (FSB).
New members include the G20, Hong Kong SAR, Singapore and Spain.
The Financial Stability Board aims to help improve the functioning of financial markets and reduce systemic risks by strengthening information exchange and international cooperation among authorities responsible for maintaining financial stability.
The FSF met for the first time on 14 April 1999 at IMF Headquarters and has met biannually since then. In September 1999, he became an observer of the International Monetary and Financial Committee.
FSB consists of the Plenary , the Steering Committee , other committees and groups as required, and a Secretariat in Basel, Switzerland.
Plenary Session is the decision-making body of the FSB.
Its members are the heads of member countries’ finance ministries, central banks and regulatory agencies; the chairs of major standard-setting bodies and central bank committees; and international financial institutions (Bank for International Settlements, International Monetary Fund, Organization for Economic Co-operation and Development , Senior Representative of the World Bank).
Steering Committee provides operational guidance between plenary meetings to advance the direction of the FSB.
Its composition is decided by the plenary meeting on the proposal of the chairman.
Plenary meeting may set up standing committees and working groups as needed.
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