Calderon to create financial stability council to identify future economic problems

El Economista

President Felipe Calderón today will announce the creation of a Council of Stability of the Financial System, a superagency that will be alert to macroeconomic and financial risks that could harm the country's economy.

Mexico's creation of the council will be first for the developing countries that are members of the G-20.

Unlike committees of financial stability that already have been created in the United States and Canada, the Mexican agency will not have to have legislative approval.

In countries where financial stability commissions (FSCs) have been created, the organisms typically oversee the supervision of the financial sector and financial services with a view to strengthening and institutionalising cooperation between nation's central banks and their banking regulatory agencies.

Economy Secretary Ernesto Cordero will serve as the head of the new Financial Stability Council.

eleconomista.com.mx/sistema-financiero/2010/07/28/consejo-estabilidad-sistema-financiero-listo