Bank for International Settlements (BIS)
The Bank for International Settlements (BIS) is based in Basel and was established in 1930, making it the world's oldest international financial institution. Membership in the BIS is restricted to central banks and other comparable institutions. The Bundesbank is one of currently 60 member institutions. The Bundesbank President automatically has a seat on the BIS Board of Directors, which determines the strategic and policy direction of the BIS. Bundesbank President Jens Weidmann began his three-year term as chairman of the Board of Directors in November 2015. The BIS plays a key role in cooperation among central banks and other institutions working in the area of finance. Regular meetings at central bank governor level are held, at which economic and financial market issues, as well as financial stability issues, are dealt with.
The BIS is home to several significant standing committees of which the Bundesbank is a member: the Committee on the Global Financial System (CGFS), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI), formerly known as the Committee on Payment and Settlement Systems (CPSS) and the Markets Committee (MC). It also hosts the secretariat of the Financial Stability Board (FSB).
The informal "Basel process", an exchange of ideas and cooperation between central banks, committees, financial supervisory authorities and standard-setting bodies in the field of supervision and regulation, represents a key pillar of international cooperation in the area of financial stability.