Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 34 n° 201

CIGI experts contribute to Brookings high-level panel

Posted by fidest press agency su venerdì, 30 settembre 2011

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Waterloo, Canada The Financial Stability Board (FSB) should expand its scope, its geographical diversity and institutional capacity, and adopt a bottom-up approach to regional consultation, a high-level panel has concluded. The Brookings-led panel of 14 of the world’s top financial stability experts features former finance ministers and central bank governors from Colombia, Spain, Thailand and Uganda, and includes CIGI Chair in International Political Economy Eric Helleiner and CIGI Senior Fellow Bessma Momani.
The panel put forth 12 recommendations for the FSB in seven keys areas: mandate, chair, staff, legal personality, regional consultative groups, transparency and evaluation. Among its recommendations, the panel urges the FSB to expand its framework for cooperation with the International Monetary Fund (IMF) to include the regulation of cross-border capital flows. The panel also suggests the FSB appoint a nominating panel and develop clear procedures for selecting its chair. It also calls for a substantial expansion of FSB staff in a manner that reflects “the broad geographical and institutional diversity” of its membership.
To enable the FSB to better implement these reforms and give the FSB an independent legal personality, the panel recommends the Board adopt “the most favorable and flexible corporate form offered by domestic law in a convenient national jurisdiction.” The panel also suggests the FSB’s regional consultative groups be determined through a bottom-up approach in a move toward universal membership.
“Participating in the panel provided a fascinating opportunity to hear diverse views from around the world, and to work toward common positions, regarding the governance of this new, yet vitally important, institution in the global financial architecture,” Eric Helleiner said.
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 ministries, central banks’ supervisory and regulatory authorities, 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.

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