The Financial Stability Forum (FSF) meets today in Paris 'to assess potential risks and vulnerabilities in the international financial system and initiatives to address them'.
The FSF meeting will also discuss developments in risk transfer markets and in the hedge fund sector. Developments in other areas will also be reviewed, including international standard setting practices, international accounting and auditing, offshore financial centres, and contingency planning for avian flu.
The FSF brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. It was established by the G7 finance ministers and central bank governors in February 1999 to promote international financial stability through enhanced information exchange and international cooperation in financial market supervision and surveillance. The FSF is chaired by Mario Draghi, Governor of the Bank of Italy. The FSF’s Secretariat is based at the Bank for International Settlements in Basel, Switzerland.
The objective of the FSF’s regional meetings 'is to promote wider exchanges of views on financial vulnerabilities and the work underway nationally and internationally to address them'.
The FSF became the object of much animosity from offshore financial centres (OFCs) when it allied itself with the OECD and its Financial Action Task Force in persecuting the OFCs (unfairly, as they saw it) for 'unco-operative' behaviour in controlling money-laundering, and lack of transparency, in the first years of the new century.
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