The FSC consists of three voting members from each of the BMF, Bundesbank and BaFin.
The chair of the Federal Agency for Financial Market Stabilisation (FMSA) attends FSC
meetings as a non-voting member, while third parties may be invited by the FSC chair to
attend meetings as appropriate.
All FSC members are part of the senior management of their
respective organisations and have relevant experience and competence in financial stability
matters. 10 The chair and deputy chair of the FSC was given to the BMF to reflect its ultimate
responsibility for safeguarding financial stability, particularly in the case of macroprudential
measures involving fiscal outlays or requiring the introduction of new legislation. The
Minister of Finance and/or the Governor of the Bundesbank can attend the meetings of the
FSC. They can also participate in the voting, if needed, by replacing one of the regular
members from their respective institutions.
The FSA stipulates that FSC decisions generally require a simple majority, although
decisions on warnings and recommendations as well as on the submission of the FSC’s
annual report should be taken unanimously; 11 the law also confers veto power to Bundesbank
representatives with regard to these decisions. The German authorities strive for consensus so
that any decision of the FSC reflects the collective view of the member agencies.