The Financial Stability Forum (FSF) held its second meeting on 15 September 1999 in Paris to discuss potential vulnerabilities and structural weaknesses of the international financial systems and followed up on the initiatives and work set in train at its first meeting on 14 April this year. The FSF was initiated by the Finance Ministers and Central Bank Governors of the Group of Seven industrial countries in February this year. It brings together on a regular basis national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSF is chaired by Mr Andrew Crockett, General Manager of the Bank for International Settlements, in his personal capacity.

Since its beginning the FSF has:

• set up three Working Groups to recommend policy actions in the areas of (a) highly leveraged institutions; (b) capital flows; and (c) offshore financial centres;

• endorsed a cross-sectoral initiative to enhance public disclosure by all types of financial intermediaries;

• agreed to create a Compendium of Standards that provides a common reference for internationally accepted standards relevant to sound and stable financial systems; and

• sponsored the creation of a Financial Supervision Training Directory by the World Bank, International Monetary Fund, and Bank for International Settlements that provides a database of training opportunities for financial supervisors.