The Bank of Finland takes part in the work of a number of international committees and institutions that are of key importance for the overall functioning of the financial markets.
Together with the Financial Supervisory Authority (FIN-FSA), the Bank of Finland participates in the activities of the European Systemic Risk Board (ESRB) and its advisory technical committee as well as in the work of the European Banking Authority (EBA). The European Systemic Risk Board is responsible for the macroprudential supervision of the EU financial system. The European Banking Authority, in turn, is commissioned to ensure effective and uniform regulation and supervision of banks within the EU and to reinforce international coordination of supervision, for example, by issuance of regulatory and supervisory standards and by conciliation and settlement of disagreements between competent national authorities. In addition, the Bank of Finland takes part in the work of the Eurosystem’s Financial Stability Committee, like other Eurosystem central banks. The Bank of Finland is also represented in the EU’s Economic and Financial Committee (EFC).
Bank of Finland representatives take part in the activities of both the European System of Central Banks (ESCB) and European Commission committees and working groups dealing with payment and settlement system issues.
The Eurosystem has an important role to play as the promoter of the stability of the euro area financial system. The ECB and national central banks are responsible for the oversight of payment and settlement systems. Each central bank ensures the oversight of national systems in accordance with common guidelines jointly agreed upon within the Eurosystem. The Bank of Finland also cooperates extensively with the Nordic and Baltic central banks. Their joint meetings address issues concerning financial market stability, integration and infrastructure alike. Further development of crisis management and preparation of joint stability analyses are also on the agenda of the Nordic central banks.
Other international fora through which the Bank of Finland participates in international work for financial stability are the Bank for International Settlements (BIS), the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and the World Bank.