BIS

The BIS was named based on its original task, in other words dealing with the issue of reparation payments imposed on Germany following the First World War. Simultaneously, the bank's role was to promote central bank cooperation and to take care of different types of international financial measures. These days the BIS operates as a forum for international monetary and financial cooperation, as a centre for economic and monetary research, as the generator of statistics and as a bank for central banks. The BIS also often acts as an organiser in international financial operations.

 

The BIS is the forum in which the key objectives of promoting international monetary and financial stability through central bank cooperation can be achieved. This cooperation has gradually been extended beyond central banks and, to an increasing degree, concerns other authorities operating in the financial supervision and regulatory sectors. In addition to its head office in Basel, Switzerland, BIS has a representative office in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

 

Under the aegis of BIS there exists a broad range of both standing and temporary or task force committees, many of which work in cooperation with the G10 countries. Of the committees, the most important ones are the Basel Committee established to formulate supervisory standards, and the Financial Stability Board, FSB. The FSB was created to promote international financial stability through enhanced information exchange between national authorities, international organisations as well as expert and supervisory bodies operating in the international financial markets.

 

The Governor of the Bank of Finland participates in the BIS's regular meetings, at which issues related to monetary and economic policy as well as the international financial system are discussed.