The GFXC is a genuinely global committee and the breadth of its reach has continued to expand. Seventeen national or regional FX committees are now full members of the GFXC, including the newly formed committees of Scandinavia, Switzerland and Russia. Smaller currency areas are also encouraged to participate through associate membership of the GFXC.
There are also significant differences in the structural importance of the financial sector or the size of the banking sector relative to GDP across EU countries, which may translate into different levels of systemic risk at a given point in time. Authorities may thus need appropriate tools with which to address the crosssectional dimension of systemic risks as well.