The Macroeconomic Assessment Group (MAG) was established in February 2010 by the chairs of the Financial Stability Board and Basel Committee on Banking Supervision to coordinate an assessment of the macroeconomic implications of the Basel Committee's proposed reforms. The membership of the MAG comprises macroeconomic modelling experts from central banks and regulators in 15 countries and a number of international institutions. Stephen Cecchetti, Economic Adviser of the Bank for International Settlements (BIS), was asked to chair the Group.