By virtue of the Presidential Decree, the Financial Stability Council has been established in Azerbaijan. Touching upon this issue, Vusal Gasimli, Executive Director of the Center for Economic Reforms Analysis and Communication, emphasized the importance of the Council, which was designed to further strengthen macroeconomic stability, ensure financial sustainability, implement the coordinated policy in this regard, and achieve efficient regulation and enforcement practice.  As known, the Council is composed of heads of agencies who are responsible for both financial and fiscal policy, and that means a more flexible integrated platform for coordinating financial and fiscal policies. The Council also represents three parties: the Presidential Administration of Azerbaijan Republic, Ministries of Finance and Economy, which are directly attached to the Cabinet of Ministers, and the Central Bank, Financial Market Supervisory Chamber and State Oil Fund, which are not attached to the Cabinet of Ministers. Hence, a bloc of all three agencies, which are responsible for carrying out institutional reforms in Azerbaijan, will come together under a single platform. In this respect, the Prime Minister leading the Financial Stability Council will help achieve systemized coordination of activities aimed at ensuring macroeconomic stability and financial stability. Today, deeper coordination of financial and fiscal policies is necessitated by the fact that the agencies, which are responsible for macro and fiscal policies, are attached to the Cabinet of Ministers, however; the Central Bank, which is responsible for monetary policy and the State Oil Fund, which has a key role as a mega-regulatory in foreign currency supply for the Financial Market Supervisory Chamber and national economy, are not within the structure of the Cabinet of Ministers. In this regard, the Financial Stability Council will mobilize all resources to allow for more accurate determination of the macro-framework, and ensure that fiscal and financial policies supplement each other.                

As for international practice, similar financial stability councils or committees were established in the USA (2010), Sweden (2012), and Germany and Croatia (2013). In Turkey, a fraternal country, the Financial Stability Committee was established in 2011, which was composed of Undersecretariat of Treasury, Central Bank, Banking Regulation and Supervision Agency, Capital Markets Board, and Savings Deposit Insurance Fund. Studies in international practice indicate that the single-platform based coordination of agencies, which are responsible for different directions of economic policies will produce good results. Similar to international benchmarks, the Financial Stability Council will play a key role in ensuring macroeconomic stability and financial sustainability in Azerbaijan.