Assessing the Financial Stability Board
The Financial Stability Board was created at the height of the global financial crisis as a successor to the Financial Stability Forum—a group of finance ministers, central bank governors and international financial bodies formed in 1999 to monitor and promote global financial stability. With a broadened mandate, a stronger institutional basis and enhanced capacity, the Financial Stability Board is now responsible for strengthening global financial supervision and regulation. However, despite its growing importance, there is limited knowledge as to how the Financial Stability Board operates, how it is governed and how it will effectively carry out the responsibility of ensuring global financial stability.
On September 23, Global Economy and Development at Brookings hosted a discussion on the Financial Stability Board and efforts toward greater regulation of the global financial system. Panelists focused on a report released by the High-Level Panel on the Governance of the Financial Stability Board, comprising former finance ministers, senior academics, experts of global governance, and civil society members. Panelists included: Svein Andresen, secretary-general of the Financial Stability Board; Jo Marie Griesgraber, executive director of New Rules for Global Finance; Peter Sands, group chief executive of Standard Chartered Bank; Brookings Distinguished Visiting Fellow Ezra Suruma, former finance minister of Uganda; and Ngaire Woods, director of the Global Economic Governance Program at the University of Oxford. Brookings Senior Fellow Domenico Lombardi, rapporteur of the High-Level Panel, moderated the discussion.
After the program, the panelists took audience questions.