Lee Seungheon, Deputy Governor of the Bank of Korea, Attends Financial Stability Board (FSB) Plenary Meeting

[Asia Economy Reporter Seo So-jeong] The Bank of Korea announced on the 27th that Lee Seung-heon, the Deputy Governor, is scheduled to depart on the 28th to attend the Financial Stability Board (FSB) plenary meeting to be held in Amsterdam, Netherlands, on the 30th.

The FSB is a forum responsible for coordinating financial regulatory reform efforts under the Group of Twenty (G20) framework following the global financial crisis. In response to the international call for a new financial regulatory system to overcome the crisis and prevent recurrence after the 2008 global financial crisis, the Financial Stability Forum (FSF), which was previously focused on the Group of Seven (G7), was expanded and reorganized into the FSB at the G20 summit in April 2009.

The FSB plenary meeting has been held via conference calls due to concerns over the spread of the COVID-19 pandemic since the last in-person meeting in Paris in November 2019, but this time it will be conducted face-to-face for the first time in about two and a half years.

At the plenary meeting, senior representatives from financial authorities (central banks, ministries of finance, financial supervisory agencies) of the 24 member countries, as well as international financial organizations such as the Bank for International Settlements (BIS) and the International Monetary Fund (IMF), will gather to discuss the global financial stability situation, crypto-assets, COVID-19 exit strategies and scarring effects, and the FSB roadmap for mitigating financial risks related to climate change.

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