Financial Stability Board

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements, the board is based in Basel, Switzerland, and is established as a not-for-profit association under Swiss law.

The FSB represented the G20 leaders' first major international institutional innovation. U.S. Treasury Secretary Tim Geithner has described it as "in effect, a fourth pillar" of the architecture of global economic governance, alongside the International Monetary Fund, World Bank, and the World Trade Organization.

Unlike some other multilateral financial institutions, the FSB lacks a treaty basis and formal power, and relies instead on an informal and nonbinding memorandum of understanding for cooperation adopted by its members. Provided by Wikipedia