Today, the Financial Stability Board hosted the third meeting of the FSB Regional Consultative Group for Europe (RCGE) in Basel, Switzerland.

Members discussed the FSB-led initiative to take forward the development of a global Legal Entity Identifier (LEI) for financial markets, the on-going work of the UK authorities to review the methodology for setting the London Inter-Bank Offered Rate (LIBOR), the experience and implementation issues in the evolving macro-prudential policy frameworks and tools, an update on the recent consultative process of the Basel Committee on Banking Supervision (BCBS) on the framework for dealing with Domestic Systemically Important Banks (D-SIBs), the implications for the RCGE members of new liquidity standards, and the issues in implementing the resolution regime for the G-SIFIs in the RCGE-member jurisdictions.

Discussions on the LEI addressed the need, for a single unique identification system for financial market participants, and centred on the FSB recommendations for the development and implementation of a global LEI system under a public-private initiative, including its governance at the global level.

On macro-prudential policy frameworks and tools, members shared their recent experiences including on the adoption of formal macro-prudential frameworks.

The BCBS Secretariat updated members on its recent consultation process on D-SIBs.

On liquidity standards, members discussed recent policy developments and potential implementation challenges.

Members also exchanged views on the status of resolution regimes, sharing country experiences in resolving financial firms and discussing the issues involved in implementing effective resolution regimes in particular for the G-SIFIs.

The FSB Regional Consultative Group for Europe is co-chaired by Tom Scholar, Second Permanent Secretary, HM Treasury, United Kingdom and Yves Mersch, Governor, Banque centrale du Luxembourg. Membership includes financial authorities from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Switzerland, Sweden, United Kingdom and the Group of International Finance Centre Supervisors. The inaugural meeting of this Group was held on 6 December 2011 in Luxembourg.