Financial Stability Council
The Financial Stability Council is a formal co-operation forum of public authorities for financial stability. The Council serves as venue for consultation, exchange of information and policy formulation on financial stability and co-ordinates the preparedness of public authorities for financial crises.
The principal tasks of the Financial Stability Council are the following:
- to formulate public policy on financial stability;
- to assess economic imbalances, financial system risks, undesirable incentives and other circumstances liable to jeopardise financial stability;
- to define those actions, other than implementing the Central Bank's monetary policy management tools, which are considered necessary at any given time to influence the financial system with the objective of reinforcing and safeguarding financial stability;
- to confirm definitions of systemically important regulated entities, infrastructure and markets of such nature that their activities can impact financial stability.
Apart from its regular meetings, the Council convenes to provide a formal governmental consultation body when a financial crisis is seen to be imminent or has struck, or when there is a risk of events which could result in major contagion effects.
The Financial Stability Council is comprised of the Minister of Finance and Economic Affairs, who acts as chairman, the Central Bank Governor and the Director General of the Financial Supervisory Authority.