Overview

Current Situation

Since lenient and ineffective financial regulation was pointed out as one of the causes of the 2008 Global Financial Crisis, members of the G20 summit in 2009 established the Financial Stability Board (FSB) and requested the FSB to review and reform international financial regulations in cooperation with international standard setting bodies such as the Basel Committee on Banking Supervision (BCBS). The Bank of Korea has been directly participating in international discussions related to financial regulations as a member of the FSB and BCBS. By participating in these discussions, the Bank has been contributing to the stability of global financial markets and striving to reflect the views of Korea and EMDEs in balance with other countries.