6 July 2018
the initiative of the National Bank of Ukraine, Ukraine has joined the
Financial Stability Board Regional Consultative Group for Europe. The
international Financial Stability Board took this decision at its plenary
meeting on 25 June 2018.
in the Regional Consultative Group for Europe affirms Ukraine’s regional
cooperation vector in compliance with its European integration aspirations. We
will be able to develop our relations and coordination with our European
colleagues, while Ukraine will obtain access to the information on current
changes in the global and regional financial policies and novelties in the
European financial sector. Moreover, presence in this group of the Financial
Stability Board gives the country a more active decision-making role in the
region and allows exchanging information on financial policy initiatives in the
European region. At the same time, participation in the group will demonstrate
transparency and openness of the Ukrainian financial sector to our foreign
partners and make our market more understandable for them,” emphasized Volodymyr Kuchyn, Head of the
Office for European Integration and International Programs.
also pointed out that earlier Ukraine had been part of another group of this
international body – the Regional Consultative Group for the Commonwealth of
Independent States. In view of the different geopolitical orientation of this
group, the NBU initiated Ukraine’s exit.
The Financial Stability Board (FSB) is an international body founded by G20 countries in
April 2009 at the London Summit in order to provide international
coordination of national financial agencies and institutions that set
international standards as well as to develop and implement effective
regulation and supervision policies in the financial sector for the sake of its
FSB unites national agencies in charge of financial stability in 24 countries,
international financial institutions, international groups of regulatory and
supervisory authorities, and committees of central banks. At present, the
Financial Stability Board is chaired by the Governor of the Bank of England
main bodies are the Plenary,
the Steering Committee, specialized Standing Committees (and their working
groups), and the Secretariat.
order to expand and formalize the FSB’s awareness-raising activities outside
the G20 countries and represent the global nature of the financial system, six Regional Consultative
Groups were created within the FSB in
2011 to cover the regions of:
North and South
the Middle East and
Africa to the south
of the Sahara.
Regional Consultative Groups are the platform for state financial sector
authorities of the FSB-member countries and countries outside the FSB to meet
and exchange their opinions regarding vulnerabilities of the financial system
as well as regarding the implemented and potential initiatives aimed at
attaining financial stability.
group has to ensure a balanced representation of countries in its region. Group
members are approved at the FSB Plenary Meeting. Co-chairs decide on the
frequency of the group meetings having consulted with the group members, but it
cannot be less than once a year.
European group consists of the following countries: Austria, Belgium, the Czech
Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Israel, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain,
Sweden, Switzerland, and Great Britain. Romania joined the group alongside