The Minister of Finance, Luis Caputo, participated this Thursday in the Financial Stability Steering Committee Meeting held in London. The purpose of the meeting was to address different financial aspects that will be discussed at the G20 summit in Hamburg next July.
Caputo attended on behalf of Argentina and he said: “The FSB tries to place the international financial system in the path of economic growth”. In this sense, he added: “We also want the financial system to serve in Argentina for productivity, economic modernization and financial inclusion”.
During the meeting, the members of the Committee addressed the progress made in the reforms of the international financial system and they analyzed its consequences. The Committee addressed the need to transform the parallel financial system into a solid system based on the market. Likewise, they committed to continue working in addressing risks and vulnerabilities of emerging markets.
The FSB is an international body that monitors and makes recommendations about the global financial system to promote financial stability by coordinating governmental bodies as they work toward developing strong regulatory, supervisory and other financial sector policies.
In addition, the FSB works in the identification of the systemic risks in the financial sector with the objective of amending and implementing policies to address these risks. Nowadays, Mark Carney, Governor of the Bank of England, is the Chair of the FSB and the Secretary General of the organization is Svein Andersen.
The organization structure of the FSB consists of The Plenary, which is its sole decision-making body; a Steering Committee, which provides operational guidance between Plenary meetings to carry forward the directions of the FSB; and three Standing Committees: the Standing Committee on Assessment of Vulnerabilities (SCAV), the Standing Committee on Supervisory and Regulatory Cooperation (SRC) and the Standing Committee on Standards Implementation (SCSI).