Committee on the Global Financial System (CGFS) - Financial definition
Concise definition of the term Committee on the Global Financial System
The Committee on the Global Financial System (CGFS) is a central bank forum that monitors and analyzes broad financial system trends to promote stability and enhance the functioning of global financial markets. It operates under the auspices of the Bank for International Settlements (BIS).
Comprehensive definition of the term Committee on the Global Financial System
The Committee on the Global Financial System (CGFS) is composed of senior central bank officials from various countries who gather to discuss and coordinate efforts on key financial stability issues. Established to improve the resilience of the financial system, the CGFS conducts research, publishes reports, and provides recommendations on topics such as market liquidity, capital flows, and financial market infrastructures.
The CGFS collaborates with other international organizations and regulatory bodies, offering a platform for sharing insights and experiences to better understand systemic risks and develop effective policies. For example, during the 2008 financial crisis, the CGFS played a crucial role in analyzing the impact of market disruptions and guiding coordinated policy responses to restore market confidence. Through its work, the CGFS helps shape the development of global financial market practices and regulatory frameworks.