International cooperation

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.

Together with the Financial Supervisory Authority (FIN-FSA), the Bank of Finland participates in the activities of the European Systemic Risk Board (ESRB) and its advisory technical committee. The ESRB is responsible for macroprudential supervision of the EU financial system.

The Bank of Finland also has a representative on the Supervisory Board of the Single Supervisory Mechanism (SSM), which was established to operate in connection with the ECB. Together with the national supervisory authorities, the SSM is responsible for supervision of the banks of countries participating in European banking union. The SSM became operational in November 2014.

The Bank of Finland also participates in the activities of the European Banking Authority (EBA). The EBA is commissioned to ensure effective and uniform regulation and supervision of banks within the EU and to reinforce international coordination of supervision, for example by issuance of regulatory and supervisory standards and by conciliation and settlement of disagreements between competent national authorities.

In addition, like other Eurosystem central banks, the Bank of Finland takes part in the work of the Eurosystem’s Financial Stability Committee. The Bank of Finland is also represented on the EU’s Economic and Financial Committee (EFC).

Bank of Finland representatives take part in the activities of the ESCB’s Payment and Settlement Systems Committee (PSSC) and its working groups.

The Eurosystem has an important role to play in promoting the stability of the euro area financial system. The ECB and national central banks are responsible for the oversight of payment and settlement systems. Each central bank ensures the oversight of national systems in accordance with common guidelines jointly agreed within the Eurosystem.

The Bank of Finland also cooperates extensively with other Nordic and Baltic central banks. Their joint meetings address issues concerning financial market stability, integration and infrastructure. Further development of crisis management and preparation of joint stability analyses are also on the agenda of the Nordic central banks.

Other international fora through 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.

ESRB European Systemic Risk Board BIS OECD IMF