More than a decade ago, a bunch of banks thought it would be a good idea to make some plans for … cooperation. Recent events have … enhanced cooperation.

RTFA: http://www.fsforum.org/about/history.htm

On October 3, 1998, the Finance Ministers and Central Bank Governors of the G7 countries commissioned Dr Hans Tietmeyer, President of the Deutsche Bundesbank, to recommend new structures for enhancing co-operation among the various national and international supervisory bodies and international financial institutions so as to promote stability in the international financial system.

G7 Ministers and Governors reinforced their commitment to reforms to the international financial system and financial stability in a declaration issued on 30 October 1998. He recommended the creation of a Financial Stability Forum.

Dr Tietmeyer presented his report to G7 Ministers and Governors at the meeting in Bonn on 20 February 1999 and G7 Ministers and Central Bank Governors endorsed the creation of a Financial Stability Forum (FSF) bringing together:

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national authorities responsible for financial stability in significant international financial centres, namely treasuries, central banks, and supervisory agencies;

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sector-specific international groupings of regulators and supervisors engaged in developing standards and codes of good practice;international financial institutions charged with surveillance of domestic and international financial systems and monitoring and fostering implementation of standard;

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committees of central bank experts concerned with market infrastructure and functioning.

The FSF was first convened on 14 April 1999 in Washington. Mr Andrew Crockett, General Manager of the Bank for International Settlements, was appointed Chairman of the FSF in a personal capacity.

Here’s a smidgen of extra information from Wikipedia:

The Financial Stability Forum is a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. The Forum was founded in 1999 to promote international financial stability. Its founding resulted from discussions among Finance Ministers and Central Bank Governors of the G7 countries, and a study which they commissioned.[1]

The Forum facilitates discussion and co-operation in supervision and surveillance of financial institutions, transactions and events. FSF is managed by a small secretariat housed at the Bank for International Settlements in Basel, Switzerland.[2] It is chaired by Mario Draghi, an Italian banker and economist who became the governor of the Bank of Italy in January 2006 for a six-year term.

The FSF membership includes about a dozen nations who participate through their central banks, financial ministries and departments, and securities regulators, including (in descending economic size): the United States, Japan, Germany, the United Kingdom, France, Italy, Canada, Australia, the Netherlands and some other industrialized economies.[3] It also includes several international economic organizations. [4] At the G20 summit on 15 November 2008 it was agreed that the membership of the FSF will be expanded to include emerging economies, such as China.

I’m sure you’d like to know more, but so would I.