Committee_on_the_Global_Financial_System

Committee on the Global Financial System

Committee on the Global Financial System

International financial body

The Committee on the Global Financial System (CGFS) is an international body hosted by the Bank for International Settlements (BIS) in Basel.

Overview

The Euro-Currency Standing Committee (ECSC) was established by a decision of the BIS Governors at their meeting of April 1971.[1]: 3  It adopted its current name in February 1999, as the word euro had taken a new meaning as the European single currency.[2]

The CGFS reports to the BIS Global Economy Meeting. It helps member central banks to assess stability risks in financial markets on a global scale, and coordinates the ongoing development of the BIS' international banking and financial market statistics.[3] It has been described by economist Charles Goodhart as the "premier macro-economic forum for the discussion of international tensions / imbalances".[1]: 465 

As of 2024, the CGFS had 28 members: Central Bank of Argentina, Reserve Bank of Australia, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, European Central Bank, Bank of France, Deutsche Bundesbank, Hong Kong Monetary Authority, Reserve Bank of India, Bank of Italy, Bank of Japan, Bank of Korea, Central Bank of Luxembourg, Bank of Mexico, De Nederlandsche Bank, Central Bank of Russia, Saudi Central Bank, Monetary Authority of Singapore, South African Reserve Bank, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Bank of Thailand, Bank of England, Board of Governors of the Federal Reserve System, and Federal Reserve Bank of New York.[4]

Chairs

See also

Notes

  1. [1]
    Charles Goodhart. The Basel Committee on Banking Supervision : a history of the early years, 1974-1997. Cambridge, UK. ISBN 9781139117739. OCLC 769341794.
  2. [2]
    Yutaka Yamaguchi (November 1998). "Second Joint Central Bank Research Conference on Risk Measurement and Systemic Risk Toward a Better Understanding of Market Dynamics during Periods of Stress - Luncheon Address" (PDF). Bank of Japan Institute for Monetary and Economic Studies.
  3. [3]
    "Committee on the Global Financial System (CGFS)". Deutsche Bundesbank.
  4. [4]
    "CGFS - Membership". Bank for International Settlements. 28 September 2023.


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