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The Financial Stability Board was created in April 2009 as the successor to the Financial Stability Forum (FSF). The FSF was founded in 1999 during a G7 summit to ease tensions between ministries of finance and central banks. The FSB is currently consists of twenty-four member countries - United Kingdom, Germany, France, Spain, United States, Canada, Russia, Mexico, Indonesia, Italy, Japan, Brazil, China, Argentina, Australia, Hong Kong, India, Netherlands, Saudi Arabia, Singapore , South Africa, South Korea, Switzerland and Turkey – as well as the most relevant financial institutions - the Bank for International Settlements, the European Central Bank, the European Commission, the International Monetary Fund, the Organization for Economic Co-operation and Development and the World Bank.