4 November 2011
Ottawa, Ontario
On November 4, 2011, Prime Minister Stephen Harper welcomed the appointment of Bank of Canada Governor Mark Carney as Chair of the Financial Stability Board (FSB) by G-20 member countries. Mr. Carney’s term begins immediately.
At the G-20 Leaders Summit in Pittsburgh (April 2009), the Financial Stability Forum was re-established as the Financial Stability Board with a broadened mandate to promote financial stability.
The Board brings together national authorities responsible for financial stability in significant financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
The mandate of the FSB is to:
- assess vulnerabilities affecting the financial system and identify and oversee action needed to address them;
- promote co-ordination and information exchange among authorities responsible for financial stability;
- monitor and advise on market developments and their implications for regulatory policy;
- advise on and monitor best practice in meeting regulatory standards;
- undertake joint strategic reviews of the policy development work of the international standard setting bodies to ensure their work is timely, coordinated, focused on priorities, and addressing gaps;
- set guidelines for and support the establishment of supervisory colleges;
- manage contingency planning for cross-border crisis management, particularly with respect to systemically important firms; and
- collaborate with the IMF to conduct Early Warning Exercises.
The FSB plenary meets two times per year and has calls as needed. To broaden the circle of countries engaged in work to promote international financial stability, the FSB also holds regional outreach meetings with non-member financial authorities.
The FSB is currently chaired by Mario Draghi, Governor of the Bank of Italy. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.
A full list of FSB member institutions can be found at: http://www.financialstabilityboard.org/about/fsb_members.htm.
