Fact sheet: Committee on the Global Financial System

The Committee on the Global Financial System is a central bank forum for the monitoring and examination of broad issues relating to financial markets and systems. It helps to elaborate appropriate policy recommendations to support the central banks in the fulfilment of their responsibilities for monetary and financial stability. In carrying out this task, the Committee places particular emphasis on assisting central bank Governors in recognising, analysing and responding to threats to the stability of financial markets and the global financial system. 


Members are deputy governors, other senior officials of central banks, and the Economic Adviser of the BIS. Member institutions are:

Central Bank of Argentina Central Bank of Luxembourg
Reserve Bank of Australia Bank of Mexico
National Bank of Belgium Netherlands Bank
Central Bank of Brazil The Central Bank of the Russian Federation
Bank of Canada Saudi Central Bank
People's Bank of China Monetary Authority of Singapore
European Central Bank South African Reserve Bank
Bank of France Bank of Spain
Deutsche Bundesbank Sveriges Riksbank
Hong Kong Monetary Authority Swiss National Bank
Reserve Bank of India Bank of Thailand
Bank of Italy  Bank of England
Bank of Japan Board of Governors of the Federal Reserve System
Bank of Korea                   Federal Reserve Bank of New York   


Philip Lowe, Governor of the Reserve Bank of Australia


Philip Wooldridge, Bank for International Settlements, supported by a staff of five.

Frequency of meetings

Regular Committee meetings are held on the occasion of four of the bimonthly meetings of Governors of BIS member central banks.

Reporting arrangements 

As of January 2010, the Chairman of the CGFS reports to the Global Economy Meeting, which comprises a group of 31 central bank Governors as members, on the CGFS's monitoring discussions and on other Committee initiatives.


List of all CGFS Papers

Further information 


* The access of the Central Bank of the Russian Federation to all BIS services, meetings and other BIS activities has been suspended.