Promoting international cooperation

Section 4 from BIS Annual Report 2018/19

The BIS promotes international cooperation among monetary and financial authorities by offering them a forum for discussion and a platform for cooperation. In this role, the Bank provides support to a number of committees and international associations located at the BIS in their efforts to promote global economic stability and financial resilience. 

This international cooperation is known as the Basel Process. The Basel Process revolves around two main axes: regular high-level meetings of senior monetary and financial officials, and the BIS's support for and collaboration with international groups pursuing financial stability. The outcomes of this process are visible to the public in the form of committee reports analysing specific topics and internationally agreed standards produced by the standard-setting committees.

• The Basel Committee on Banking Supervision develops global regulatory standards for banks and seeks to strengthen micro- and macroprudential supervision.
• The Committee on Payments and Market Infrastructures establishes and promotes global regulatory/oversight standards for payment, clearing, settlement and other market infrastructures, and monitors and analyses developments in these areas.
• The Committee on the Global Financial System monitors and analyses issues relating to financial markets and systems. 
• The Markets Committee monitors developments in financial markets and their implications for central bank operations. 
• The Central Bank Governance Group examines issues related to the design and operation of central banks. 
• The Irving Fisher Committee on Central Bank Statistics addresses statistical issues relating to economic, monetary and financial stability. 

The following associations have secretariats at the BIS, but have their own separate legal identity and governance structure, and report to their members.

• The Financial Stability Board coordinates the work of national authorities and international standard setters in developing and promoting the implementation of effective regulatory, supervisory and other financial sector policies in the interest of global financial stability. 
• The International Association of Deposit Insurers sets global standards for deposit insurance systems and promotes cooperation on deposit insurance and bank resolution arrangements. 
• The International Association of Insurance Supervisors sets global standards for the insurance sector to promote effective and globally consistent supervision for the benefit and protection of policyholders and to contribute to global financial stability. 

 
The BIS is a member of the FSB and the IAIS.