Committee on the Global Financial System
The Committee on the Global Financial System monitors developments in global financial markets for central bank Governors.
It is one of the organisations hosted by the Bank for International Settlements (BIS) in Basel.
The CGFS seeks to:
- identify and assess potential sources of stress in global financial markets
- further understanding of the structure of financial markets and
- promote improvements to their functioning and stability.
The CGFS also oversees the collection of the BIS international banking and financial statistics.
Originally set up as the Euro-currency Standing Committee in 1971 with a mandate to monitor international banking markets, its focus was the monetary policy implications of growing off-shore deposit and lending markets.
Reflecting the turning of attention to financial stability and structural changes in the financial system more broadly, G10 Governors subsequently renamed the Committee and revised its mandate.