Established in 2009 in the wake of the financial crisis that followed the subprime crisis, continuing the work of a “round table” since 1999 and linked to the Bank for International Settlements in Basel, and legally reconstituted in 2013 as an association under Swiss civil law (association). Members are almost all important countries of the world and all relevant rule makers. The main tasks of the institution are – to improve coordination among the authorities responsible for financial stability issues, – to identify vulnerabilities in the financial system, and – to examine new developments in the financial markets with regard to necessary supervisory steps. Together with the International Monetary Fund, the Financial Stability Board conducts early warning exercises twice a year to identify any vulnerabilities in the global financial system and to make recommendations for action for the attention of policy makers. – Due to its legal status, the FSB itself cannot take any legally binding decisions, nor can it enforce any conditions on its members by means of coercive measures. Rather, all FSB decisions are implemented through voluntary commitment by its members. Non-members are involved in the work of the FSB through outreach processes and regional consultative groups. – The FSB participates in the exemptions and benefits guaranteed to international organizations in Switzerland under the BIS Headquarters Agreement. – See Banking Regulation Paradox, European Systemic Risk Council, Financial Stability Table, Financial Council, Financial Stability Forum, Systemic Conflict, Financial Market. – See BaFin Annual Report 2009, pp. 37 f. (tasks, activities in 2009), BaFin Annual Report 2010, pp. 40 ff. (meaningful activities of the FSB in connection with the G20 decisions), BaFin Annual Report 2011, pp. 40 f. (enumeration of measures taken by the FSB in the course of implementing the G20 decisions on regulation), Bafin Annual Report 2012, pp. 43 (FSB to play a stronger role in cross-border crisis management in the future), as well as the respective BaFin Annual Report, chapter “International”; ECB Monthly Report of February 2013, pp. 99 ff. (role of the Financial Stability Board in monitoring the shadow banking sector; many overviews; pp. 106 f. enumeration of systemic risks); Deutsche Bundesbank Monthly Report of October 2013, pp. 47 ff. (very detailed account of the organization and functioning of the FSB).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/