The crisis that had been raging at that point for over a year made the need for such a commitment inescapable. With the creation of the FSB, the G20 designed a new regulatory organization with global reach dedicated to advancing and coordinating a newly embraced priority for the global economy—farreaching reform of financial regulation and supervision.
The FSB membership spans central banks, ministries of finance, supervisors of financial institutions, international financial organizations, and market regulators. It has a broad mandate centered on financial stability and coordination of responses for those most challenging issues that cut across the traditional mandates of other global standard-setting bodies.