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Financial Stability Board - Wikipedia
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The Financial Stability Board is an international body monitoring global financial systems; it is relevant to AI safety as a governance model for international coordination on systemic risks, and has begun addressing AI-related financial stability concerns.
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Summary
The Financial Stability Board (FSB) is an international body established in 2009 to monitor and make recommendations about the global financial system. It operates as a cooperative, non-treaty-based institution hosted by the Bank for International Settlements in Basel. It serves as a governance model for coordinating international responses to systemic risks.
Key Points
- •FSB was established at the 2009 G20 Pittsburgh Summit as successor to the Financial Stability Forum, including all G20 major economies.
- •Described as a 'fourth pillar' of global economic governance alongside the IMF, World Bank, and WTO.
- •Operates without a treaty basis, relying on informal, nonbinding memoranda of understanding among members.
- •Hosted and funded by the Bank for International Settlements, based in Basel, Switzerland.
- •Represents a model of international institutional coordination for managing systemic financial risks, relevant to AI governance discussions.
2 FactBase facts citing this source
| Entity | Property | Value | As Of |
|---|---|---|---|
| Financial Stability Board | Headquarters | Basel, Switzerland | — |
| Financial Stability Board | Founded Date | Apr 2009 | — |
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Financial Stability Board - Wikipedia
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Coordinates : 47°32′53″N 7°35′30″E  /  47.5481°N 7.5918°E  / 47.5481; 7.5918
From Wikipedia, the free encyclopedia
Cooperative international body on global financial system
Financial Stability Board Abbreviation FSB Formation April 2009 Legal status Swiss association Headquarters Basel , Switzerland Chair Andrew Bailey Secretary General John Schindler Affiliations Bank for International Settlements
G20 Staff 33 (2017) Website https://www.fsb.org/ Formerly called Financial Stability Forum (FSF)
The Financial Stability Board ( FSB ) is an international body that monitors and makes recommendations about the global financial system . It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies , FSF members, and the European Commission . Hosted and funded by the Bank for International Settlements , the board is based in Basel , Switzerland, [ 1 ] and is established as a not-for-profit association under Swiss law . [ 2 ]
The FSB represented the G20 leaders' first major international institutional innovation. U.S. treasury secretary Tim Geithner has described it as "in effect, a fourth pillar" of the architecture of global economic governance, alongside the International Monetary Fund , World Bank , and the World Trade Organization .
Unlike some other multilateral financial institutions, the FSB lacks a treaty basis and formal power, and relies instead on an informal and nonbinding memorandum of understanding for cooperation adopted by its members. [ 3 ]
History
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Financial Stability Forum
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Main article: Financial Stability Forum
The FSB's predecessor organization, the Financial Stability Forum (FSF), had emerged from a group of finance ministries , central bankers , and international financial bodies, which had been founded in 1999 to promote international financial stability by the finance ministers and central bank governors of G7 countries. [ 4 ] The FSF facilitated discussion and cooperation on supervision and surveillance of financial institutions, transactions, and events. FSF was managed by a small secretariat housed at the Bank for International Settlements in Basel , Switzerland . [ 5 ]
The FSF membership included about a dozen nations who participate through their central banks, financial ministries and departments, and securities regulators, including: the United States , Japan , Germany , the United Kingdom , France , Italy , Canada , Australia , the Netherlands and several other industrialized economies as well as several international economic organizations. [ 6 ] At the G20 summit on 15 November 2008, it was agreed that the
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