At the international level, the Bank, the federal Department of Finance, and the Superintendent of Financial Institutions are represented on the Financial Stability Forum (FSF). The impetus for this global forum came from a summit of G-7 leaders in Halifax more than a dozen years ago, and the FSF truly came to life in the wake of the Asian crisis of the late 1990s.
This entity brings together senior representatives of national financial authorities from selected countries to promote international financial stability, reduce the spread of shocks, and increase market resiliency. The importance of the FSF as a source of global coordination was recently underscored by the G-20 leaders, with their call for its expansion to include top emerging-market economies such as China and India.