The specific functions of the Financial Stability Board include: assessing the fragility of the global financial system and supervising the improvement actions of countries; Promote cooperation and information exchange among national regulatory agencies and provide suggestions on national regulatory policies and standards; Coordinate the work of international standard-setting bodies; Formulate emergency plans for cross-border risk management.

In order to perform these functions, the Financial Stability Board has established a plenary meeting and a steering committee, as well as three standing committees-vulnerability assessment committee, supervision and management cooperation committee and standards implementation committee. In addition, the Financial Stability Board has set up a working group to promote the implementation of cross-border risk management.

The chairman of the Financial Stability Board is Italian Central Bank Governor mario draghi. The heads of the three standing committees are Jaime Caruana, General Manager of the Bank for International Settlements, Adail Turner, Chairman of the British Monetary Authority, and Steve Mackler, Deputy Minister of Finance of Canada. After the 20 1 1 Cannes Summit, Bank of Canada Governor mark carney was appointed as the new chairman of the Financial Stability Board, and Swiss National Bank Chairman hildebrand was appointed as the vice chairman.

Draghi told the press after the Financial Stability Board began to operate that it is necessary to supervise global systemic financial risks. Since the London Financial Summit, countries have made progress in hedge fund supervision, rating agencies, incentive mechanism and accounting standards, and the Financial Stability Board will continue to strengthen the monitoring of future progress.