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International Fora

The European Union (EU) plays a significant role in various global forums focused on financial regulation, particularly in the G20, Financial Stability Board (FSB), G7/G8, and in dialogues with international standard-setting bodies and multilateral organizations.

G20 Involvement:

• Role: The G20 has become the primary international forum for discussing economic and financial issues, surpassing the G8.
• Members: Includes governments and central bank governors from 19 countries, with the EU represented by the European Commission and the European Central Bank.
• Objectives: Following the 2008 financial crisis, the G20 developed an agenda to stabilize the global economy and financial system, aiming to prevent future crises through enhanced regulation and supervision.
• Areas of Focus: Include capital and liquidity requirements, financial sector pay, derivatives, accounting standards, credit rating agencies, hedge funds, shadow banking, resolution regimes, and financial benchmarks.
• EU's Role: The financial reforms introduced in the EU post-crisis are largely based on the G20 commitments.

Financial Stability Board ( FSB):

• Function: Oversees the implementation of many G20 commitments, monitoring and making recommendations about the global financial system.
• Members: Includes the European Commission and the European Central Bank.
• Goal: Promotes financial stability by coordinating national financial authorities and international standard-setting bodies.

 G7/8 Forum:

• Scope: Addresses a broad range of international affairs, including economic issues, primarily within the context of sustainable development.
• Economic Focus: While it discusses economic issues, the G20 has taken the lead in international cooperation on economy and finance.

International Standard-Setting Bodies:

• the Basel Committee on Banking Supervision (BCBS) – the primary global standard-setter for the prudential regulation of banks and a forum for cooperation on banking supervisory matters
• the International Association of Insurance Supervisors (IAIS), representing insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries
• the Committee on Payments and Markets Infrastructures (CPMI), monitoring developments in the area of payments, clearing and settlement
• the International Organisation of Securities Commissions (IOSCO), the global standard-setter for the securities sector which brings together securities regulators from all over the world
• the International Accounting Standards Board (IASB), an independent body responsible for the development and the publication of international financial reporting standards (IFRS).

EU-Asia-Pacific and EU-South America Forums on Financial Regulation:

• Meetings of the EU-Asia-Pacific Forum on financial regulation

Multilateral Dialogues on Capital Movements:

• EU's Approach: Advocates for free movement of capital, fighting protectionism, and developing an open, transparent level playing field for investments.
• Commitment: The EU is dedicated to promoting these principles in organizations like the G20, G8, World Trade Organisation (WTO), and the Investment Committee of the OECD.
• Freedom of Investment (FOI) Process: The EU participates in this intergovernmental forum, contributing to standards and guidance for responsible investment policies.

​In summary, the EU is a key player in global financial regulation, actively participating in various international forums and initiatives to promote financial stability, transparency, and an open investment environment.