For an organisation with the important task of reforming the global financial system – and one which is demanding greater transparency from the institutions that operate within it – the Financial Stability Board is remarkably coy about its own affairs. Its approach to disclosure resembles its namesake the FSB, the Russian state security apparatus that succeeded the KGB.

At issue is the secrecy around membership of the FSB's steering committee, which was formed when the FSB was created by the G20 in April 2009. This committee acts as the organisation's moral authority in its efforts to encourage collaboration between the world's governments, financial regulators and central banks.