2001年-FSB全球金融稳定委员会_Progress_in_Implementing_the_Recommendations_of_the_Working_Group_on_HLIs_2页_75kb

Financial Stability Forum Fifth Meeting Summary

Core Content

The Financial Stability Forum (FSF) held its fifth meeting on 22-23 March 2001 in Washington D.C., chaired by Andrew Crockett, General Manager of the Bank for International Settlements (BIS). The meeting focused on assessing the financial stability implications of the global economic outlook and reviewing progress on implementing earlier recommendations.

Main Views and Key Points

Global Economic Outlook and Financial Stability

• The FSF evaluated the impact of the current global economic slowdown on financial stability.
• While most major markets and institutions had absorbed financial strains, the interaction of slower growth and financial vulnerabilities raised concerns.
• Members emphasized the need for continued vigilance and intensified supervisory oversight and cooperation.

Actions on Highly Leveraged Institutions (HLIs)

• The FSF reviewed actions taken to address issues raised by the Working Group on HLIs.
• They welcomed the completion of the Multidisciplinary Working Group on Enhanced Disclosure, chaired by Peter Fisher.
• Encouraged the continuation of this initiative and its practical application.
• Noted the development of Trading Principles for foreign exchange markets by private sector participants and the importance of their implementation.

Offshore Financial Centres (OFCs)

• The FSF acknowledged improvements in supervisory, regulatory, and information practices in OFCs.
• Encouraged OFCs not yet implementing international standards to take necessary steps.
• Promoted collaboration with the IMF and World Bank, and participation in assessment programs.
• Stressed the value of disclosure of action plans and assessment findings to demonstrate progress.
• Planned a stock-taking review in September 2001 to evaluate implementation progress.

Sovereign Debt Management and Financial Sector Assessment

• The FSF welcomed guidelines on sovereign debt management and a handbook on developing domestic public debt markets developed by the IMF and World Bank.
• These tools were seen as useful in addressing volatility in capital flows.
• Noted the significant demand for the Financial Sector Assessment Program (FSAP) as a method to evaluate financial vulnerabilities.

Enhancing International Financial Statistics and Monitoring

• The FSF supported ongoing efforts to improve international financial statistics and monitoring.

Additional Topics Discussed

• Market Liquidity and Financial Technology: Encouraged further research on liquidity dynamics, especially under stress, and emphasized the need for more work on risk transfer mechanisms and new financial technology.
• Weak Banks: Agreed that international guidance on dealing with weak banks would be beneficial, and the Basel Committee and its Core Principles Liaison Group were identified as suitable bodies to lead this effort.
• E-Finance: Discussed developments in e-finance for supervision, regulation, and market functioning, based on a report from the contact group led by John D. Hawke.
• International Standards for Sound Financial Systems: Highlighted the importance of raising awareness among market participants about the benefits of standards implementation and the role of technical assistance.
• Deposit Insurance Arrangements: Welcomed progress by the working group led by Jean Pierre Sabourin and planned to consider the final report in September 2001.
• Other Financial Issues: Discussed the New Basel Capital Accord, accounting and provisioning issues, and the implications of financial sector consolidation.

Conclusion

The fifth meeting of the FSF emphasized international cooperation, supervisory vigilance, and the implementation of global standards to enhance financial stability. The forum highlighted the importance of transparent disclosure, technical assistance, and collaboration with international institutions such as the IMF and World Bank. It also recognized the need for ongoing research and development in areas like financial technology, market liquidity, and sovereign debt management. The FSF reaffirmed its commitment to monitoring and reviewing its recommendations and initiatives in the coming months.