FSB chair letter on global outlook and priorities

The Financial Stability Board (FSB) has published a letter from Andrew Bailey, Governor of the Bank of England, who was appointed chair of the FSB from 1 July. In the letter, the chair confirms his commitment to the FSB's work in the interest of financial stability and comments that global cooperation is key for ensuring resilience in the global financial system. He also confirms delivery of the FSB's report on non-bank financial intermediation (NBFI) leverage, the FSB workplan on non-bank data, and the updated FSB climate roadmap, as requested by the G20 presidency. In addition, the chair lists three priorities for his term: (i) enhancing surveillance capabilities to ensure surveillance keeps pace with developments in the markets and new technologies, including communicating with stakeholders outside the FSB membership; (ii) focusing on the key areas of NBFI policy implementation, private finance-related vulnerabilities, and the role of stablecoins for payment and settlement; and (iii) strengthening the FSB's effectiveness to prevent regulatory arbitrage and market fragmentation, including by considering areas capable of meaningful improvement as identified by the G20 implementation monitoring review process. The FSB chair is appointed for a term of three years, renewable once.

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