Following the GFC, the G20 called for the FSF’s membership to be broadened and its 2/4  BIS central bankers' speeches  effectiveness to be strengthened. This resulted in the establishment of the FSB with a broader membership and mandate.
Specifically, it was to promote international financial stability by coordinating national financial authorities and international standard-setting bodies as they have worked toward developing strong regulatory, supervisory and other financial sector policies. This involved assessing vulnerabilities affecting the global financial system and proposing actions to address them, promoting implementation of financial sector regulation and policies and monitoring implementation of the agreed reforms.