Do you remember the Meeting of Financial Stability Board (FSB) in last October? The FSB meeting was held in Tokyo, and attended by financial chief officers from FSB member countries and the Basel Committee on Banking Supervision (BCBS). Of course, the FSC sent our representative, the Vice-Chairman Choo Kyung ho.
Well, for this time, the FSB regular meeting was held in Zurich, Switzerland. FSC’s Deputy Chairman for International Affairs, Lee Sangchae, attended this meeting. As like the previous meeting in Tokyo, representatives from 24 member countries and BCBS came for the meeting, under the Chairmanship of Mark Carney, the Governor of the Bank of Canada.
At the meeting in Zurich, the FSB discussed vulnerabilities affecting the global financial system, such financial risk and shadow banking. Furthermore, the meeting checked up progress and efforts in authorities to enhance financial regulation in accordance with the FSB’s pursuit. This monitoring was a follow-up measure for the G20 Summit in Los Cabos, Mexico.
Essentially, the FSB has been established to ‘coordinate’ member countries’ works at the international level for the purpose of setting international bodies responsible for financial affairs. It seeks to develop and promote the implementation of effective regulatory, supervisory, and other related financial policies which will lead to the interest of ‘financial stability; as its name FSB stands for. For this ends, this FSB meeting in Zurich took procedures to establish a legal entity, as part of its ongoing strengthening of its capacity, resources and governance.
Eleven issues on the agenda were discussed in total. I will shortly introduce you those in the next blog post. And if you want to look for the overall information about the meeting, you may visit the FSB website, www.financialstabilityboard.org.
* Follow-up posts;
- 2nd post https://financialservicescommission.wordpress.com/2013/02/04/meeting-of-financial-stability-board-in-zurich-2/
- 3rd post https://financialservicescommission.wordpress.com/2013/02/04/meeting-of-financial-stability-board-in-zurich-3/