The Bank of Finland takes part in the work of a number of international committees and institutions that are of key importance for the overall functioning of the financial markets.
Within the European System of Central Banks (ESCB), stability-related questions are coordinated by the Banking Supervision Committee (BSC), in whose work the Bank of Finland participates together with the Financial Supervision Authority. The Bank of Finland is also represented in a number of working groups that report to the BSC. In addition, the Bank of Finland participates, together with the Financial Supervision Authority, in the operations of the Committee of European Banking Supervisors (CEBS). The Bank of Finland also has representatives in the EU's Economic and Financial Committee (EFC).
The Bank of Finland participates in the Eurosystem's and EU's joint crisis exercises and is a member of a crisis management working group set up by the ESCB Banking Supervision Committee and CEBS.
Bank of Finland representatives take part in the activities of both ESCB and European Commission committees and working groups dealing with payment and settlement system issues. Key projects promoting integration include the establishment of the Single Euro Payments Area (SEPA) and TARGET2, a new system for processing large-value payments. The Bank of Finland has also been actively involved in the development of European securities clearing and settlement system standards.
The Eurosystem is assuming an important role as the promoter of the stability of the euro area financial system. The ECB and national central banks are responsible for the oversight of payment and settlement systems. To support the oversight function, the European Central Bank is entitled to issue regulations concerning payment systems and impose sanctions whenever necessary. The Eurosystem establishes the general guidelines for oversight.
The Bank of Finland engages in extensive cooperation with the Nordic and Baltic central banks. Their joint meetings address issues concerning financial market stability, integration and infrastructure alike. Further development of crisis management and preparation of joint stability analyses are also on the agenda of the Nordic central banks.
Other international fora on which the Bank of Finland participates in international work for financial stability are the Bank for International Settlements (BIS), the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and the World Bank.