Financial Stability Forum creates two ad hoc working groups
The Financial Stability Forum announced in a November 19 press release that it has created two ad hoc working groups.
The first group, a task force chaired by Andrew Sheng, chairman of the Hong Kong Securities and Futures Commission, is charged with examining ways to promote the implementation of international standards, including through official and market incentives. The task force will explore strategies to help countries implement standards and evaluate options for generating information on their progress.
The second is a study group to be chaired by Jean-Pierre Sabourin, President of Canada Deposit Insurance Corporation. This group will review recent experience with deposit insurance schemes and consider setting out international best practices for such arrangements.
The two groups comprise officials from developed and developing market economies, international financial institutions, and supervisory groupings. They are expected to report to the next meeting of the Financial Stability Forum, to be held in April 2000.
The Financial Stability Forum was first convened in April 1999—the result of an initiative of the finance ministers and central bank governors of the Group of Seven industrial countries—to promote international financial stability, improve the functioning of markets, and reduce systemic risk (see IMF Survey, April 26, page 117).
(The terms of reference for the two groups and information about the Financial Stability Forum are available on the Forum’s website http://www.fsforum.org).