First FSF regional meeting with central and eastern European authorities
The Financial Stability Forum (FSF) today held its first regional meeting with central and eastern European countries at the European Bank for Reconstruction and Development (EBRD) in London. Senior representatives from finance ministries, central banks, and supervisory and regulatory authorities from 13 FSF member and regional countries attended the meeting. A list of participating institutions is attached.
The meeting exchanged views on potential vulnerabilities in financial systems in the current economic situation and noted that financial systems had well withstood recent shocks. They also agreed that the improved outlook for growth is creating a more benign financial stability environment in the period ahead. They noted that appreciating exchange rates in EU accession countries heighten the importance of adequate safeguards in the banking system.
Participants also discussed issues raised by recent large corporate failures, and noted that many bear relevance for regional transition economies. They underscored the importance of reinforcing market foundations through sound practices in corporate governance, improved audit quality, and strengthened independence of oversight and enforcement institutions.
The meeting also reviewed the focus of ongoing work to strengthen financial systems. These efforts centre on EU accession requirements and the implementation international bank and insurance supervisory standards, and international principles for securities market regulation.
Participants thanked the EBRD for its hospitality and expressed interest in future regional FSF meetings.
Note for editors. The FSF was established in February 1999 to promote international financial stability through enhanced information exchange and international cooperation in financial market supervision and surveillance. It brings together on a regular basis national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSF is chaired by Andrew Crockett, General Manager of the Bank for International Settlements, in a personal capacity.
The objective of bringing together Forum members and regional representatives is to allow an exchange of views on potential vulnerabilities from a regional perspective, brief regional authorities on the Forum's discussions and enable them to inject their views and perspectives on the Forum's work.
For further information on the FSF, its membership, the activities of its working groups and previous FSF meetings, please visit the FSF website at www.fsforum.org.
Central and Eastern European Regional Meeting
List of Participants
| Chairman |
Mr Andrew Crockett |
| Financial Stability Forum | |
|
Bulgaria |
Bulgarian National Bank |
| Czech Republic | Czech National Bank |
|
Czech Securities Commission |
|
| Ministry of Finance | |
| France | Commission des Opérations de Bourse |
| Hungary | Magyar Nemzeti Bank |
| Hungarian Financial Supervisory Authority | |
| Ministry of Finance | |
| Netherlands | De Nederlandsche Bank |
| Poland | National Bank of Poland |
| Russia | Central Bank of the Russian Federation |
| Federal Commission for the Securities Market | |
| Slovakia | National Bank of Slovakia |
| Financial Market Authority | |
| Slovenia | Bank of Slovenia |
| Securities Market Agency | |
| Turkey | Central Bank of the Republic of Turkey |
| Prime Ministry, Undersecretariat of the Treasury | |
| Ukraine | National Bank of Ukraine |
| United Kingdom | Financial Services Authority |
| HM Treasury |
European Bank for Reconstruction and Development
Bank for International Settlements
Basel Committee on Banking Supervision
International Association of Insurance Supervisors
Financial Stability Institute