CGFS - History

The CGFS, formerly known as the Euro-currency Standing Committee, was established in 1971 with a mandate to monitor international banking markets. Its initial focus was on the monetary policy implications of the rapid growth of offshore deposit and lending markets. Attention increasingly shifted to financial stability questions and to broader issues related to structural change in the financial system.

Reflecting this change in focus, the G10 Governors decided in February 1999 to rename the Committee and to revise its mandate. As of January 2010, the CGFS reports to the Global Economy Meeting, which comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies.