The Financial Market Stability Board
The Financial Market Stability Board (FMSB) has been established to strengthen cooperation in the field of macroprudential supervision and to promote financial market stability. The key task of the FMSB is to address risks to financial stability, as identified by the Oesterreichische Nationalbank (OeNB) in the course of its monitoring activities, in a transparent process. To this end, the FMSB supports the Financial Market Authority (FMA) by issuing recommendations for further action and risk warnings, thereby using the instruments available to the European Systemic Risk Board (ESRB). From an institutional perspective, the FMSB links up the OeNB’s macroprudential monitoring function with the FMA’s supervisory function based on the regulatory framework defined by the Federal Ministry of Finance. By integrating also members of the Fiscal Advisory Council, the FMSB moreover ensures adequate consideration of the general economic conditions and due regard of the goal of sustainable public finances. The Financial Market Stability Board convenes at least four times a year and may be convened more often on an ad hoc basis.