FSB's predecessor 'failed miserably' ahead of crisis – Andresen

Secretary general says FSF failed to act on known risks surrounding resolution and securitisations

photo of the basel committee headquarters
Looking to 2016: the FSB will address key areas of the financial system

The Financial Stability Forum (FSF), the forerunner to the Financial Stability Board (FSB), "failed miserably" in its mandate to address known vulnerabilities that made the global financial crisis worse, says Svein Andresen, secretary general of both bodies.

Between 2000 and 2007, members of the FSF discussed many potential weak spots, including complicated securitisations and the difficulties of winding up large and complex financial institutions, which later proved particularly disruptive.


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