The Financial Stability Board held its inaugural meeting in Basel on June 26-27. This was the first meeting since the Financial Stability Forum was re-established as the FSB with an expanded membership and a broader mandate to promote financial stability. The FSB's mandate is to assess vulnerabilities affecting the financial system; identify and oversee action needed to address them; promote coordination and information exchange among authorities responsible for financial stability; monitor and advise on market developments and their implications for regulatory policy; advise on and monitor best practice in meeting regulatory standards; undertake joint strategic reviews of the policy development work of the international standards setting bodies; set guidelines for and support the establishment of supervisory colleges; manage contingency planning for cross-border crisis management; and collaborate with the International Monetary Fund to conduct early warning exercises.
The FSB set up
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