It is the combined responsibility of central banks, supervisory agencies, ministries of finance, international organisations and standard-setting bodies that have been created within the various segments of the financial market. The G7, in a report by Hans Tietmeyer, recognised the need to establish an institutional setting in which all these agencies charged with financial stability could be brought together.
The proposal led to the establishment earlier this year of the Financial Stability Forum, which I have the honour to chair. Its agenda focuses on increasing the awareness of the inter-relationships between the various aspects of financial stability, promoting the exchange of information and the identification of gaps, and enhancing the efficiency of standard setting.