The Euro-Currency Standing Committee (ECSC) was established by a decision of the BIS Governors at their meeting of April 1971.
[1]: 3 It adopted its current name in February 1999, as the word euro had taken a new meaning as the European single currency.
[2] The CGFS reports to the BIS Global Economy Meeting.
It helps member central banks to assess stability risks in financial markets on a global scale, and coordinates the ongoing development of the BIS' international banking and financial market statistics.
[3] It has been described by economist Charles Goodhart as the "premier macro-economic forum for the discussion of international tensions / imbalances".