Countries such as Canada, with open global financial markets and internationally active financial institutions, especially benefit from the work of the FSB. As I mentioned earlier, the FSB also embodies characteristics that are important to Canadians. It is consultative, guided by common sense and consensus; co-operative; and respectful of process.
This perhaps should not be surprising, given that senior officials from the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) have played prominent leadership roles at the FSB.8 How does the FSB work? The FSB works to achieve its goal of global financial stability through four main functions, or steps, which I call the financial policy cycle: i.