São Paulo – The Central Bank of Brazil announced last Friday (13) that Brazil was invited to take part in the Basel Committee on Banking Supervision. According to the Central Bank, the invitation is the result of a proposal by the leaders of the G-20, a group that brings together the 20 largest economies in the world, including emerging nations. In the assessment of the bank, the decision of the Committee reflects the quality of regulation and supervision of the financial system in Brazil.
In the face of the crisis, the G-20 suggested that the criteria for affiliation with the main international financial regulation organisations be revised. Besides Brazil, according to the Central Bank, also invited to integrate the Committee were Mexico, Australia, China, South Korea, India and Russia. The organisation is based in Switzerland and its goals are to promote and strengthen the practices of risk supervision and management on a global scale.
Brazil was also invited, still according to the Central Bank, to take part in the Financial Stability Forum, established in 1999, as were other G-20 nations such as South Africa, Saudi Arabia, Argentina, China, India, Indonesia, Mexico, Russia and Turkey.
The Forum aims to promote financial stability on a global scale by means of information exchange and international cooperation.
*Translated by Gabriel Pomerancblum
