In November 2010, the Financial Stability Board (FSB) announced arrangements to expand and formalise outreach beyond its membership. To this end, six regional consultative groups were established to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.
Today, the Bank of Mexico hosted the inaugural meeting of the FSB Regional Consultative Group for the Americas in Mexico City, Mexico. Members discussed the FSB’s workplan and policy priorities, global and regional vulnerabilities and related financial stability issues, and regulatory issues relevant for financial stability. Discussions on vulnerabilities and financial stability issues focused on the sovereign debt crisis in Europe and contagion from global risk retrenchment. Under the regulatory issues heading, members discussed the recently announced framework for systemically important financial institutions, the Basel III capital framework and home-host supervisory cooperation.
The FSB Regional Consultative Group for the Americas is co-chaired by Governor Agustín Carstens, Bank of Mexico and Governor José De Gregorio, Central Bank of Chile. Membership includes financial authorities from Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Guatemala, Jamaica, Mexico, Panama, Paraguay, Peru, Uruguay and the United States.