About the CGFS
The CGFS has a mandate to identify and assess potential sources of stress in the global financial system, to further the understanding of its structural underpinnings, and to promote improvements to its functioning and stability.
It fulfils this mandate by way of regular discussions among CGFS members, working groups involving central bank staff, and workshops with academics and market participants. The CGFS also oversees the collection of the BIS international banking and financial statistics.
Highlights of CGFS activities
The Committee on the Global Financial System (CGFS) monitors financial sector developments and analyses their implications for financial stability and central bank policy. The CGFS reports to the Governors of the BIS Global Economy Meeting. It is chaired by Kazuo Ueda, Governor of the Bank of Japan, and comprises senior officials from 27 central banks plus the BIS.
During 2025/26, the CGFS focused on macroeconomic and financial stability implications of global market dynamics amid geopolitical tensions. It sought to identify potential vulnerabilities in sovereign bond, foreign exchange and credit markets, as well as in the banking sector and among nonbank financial institutions, notably insurance companies and hedge funds. Committee members also exchanged views on implications of fiscal policy for central banks.
The CGFS delved into three topics with a medium-term perspective:
- AI at central banks and ways in which AI may shape the behaviour of financial intermediaries and the functioning of financial markets
- collateral pre-positioning for central bank liquidity assistance, examining the common and jurisdiction-specific objectives of pre-positioning frameworks and the attendant macro-financial and policy trade-offs
- channels through which a broad adoption of stablecoins for payments or as a store of value may influence the effectiveness of monetary policy
The CGFS published a report on foreign currency funding risk and cross-border liquidity. This report maps the geographical distribution of risk exposures and relates it to the availability of channels for addressing foreign-currency funding shortages. It also points to data gaps that underscore the value of initiatives to enhance statistics on foreign exchange derivatives under the aegis of the CGFS. In May 2026, Kazuo Ueda, Governor of the Bank of Japan, was appointed Chair of the Committee on the Global Financial System.
Contact the Committee on the Global Financial System
CGFS Secretariat
Bank for International Settlements
CH-4002 Basel
Switzerland
Email: cgfs.secretariat@bis.org
Tel: +41 61 280 80 80
Fax: +41 61 280 91 00