FSB letter to G20 finance ministers and central bank governors ahead of meeting

The Financial Stability Board (FSB) has published a letter (dated 21 February) to the G20 finance ministers and central bank governors ahead of their meeting on 26 and 27 February. The letter addresses areas of focus for the FSB, including:

• Implementation monitoring, providing a strategic review of the FSB's monitoring of 15 years of implementation of reforms. The review is intended to provide valuable insights into the effectiveness of the monitoring of post-global financial crisis regulatory reforms and identify areas where improvements can be made in the tools used to ensure consistent, global implementation of agreed reforms. The FSB will publish a progress report in October.
• Completing the G20 roadmap to enhance cross-border payments. The FSB note that as the work has advanced, many structural issues have become apparent that require concerted efforts to resolve. Addressing these issues calls for significant additional work up to and beyond 2027. The FSB will report in October on progress towards the G20's goal of making cross-border payments faster, cheaper, more transparent, and accessible. The FSB's focus this year is on improving the end-user experience, coordinating closely the work of the Bank for International Settlements Committee on Payments and Market Infrastructures and other partner organisations.
• Resilience of the non-bank financial intermediation (NBFI) sector. In July, the FSB will deliver recommendations to address financial stability risks from leverage in NBFI and a work plan to address issues related to NBFI data availability, use and quality.
• Digital innovation. In October, the FSB will deliver to the G20 a thematic peer review on implementation of the FSB's cryptoasset recommendations and a report on how authorities in the financial sector can monitor AI adoption and assess related vulnerabilities. The FSB will also continue work on enhancing operational and cyber resilience. It will finalise the format for operational incident reporting exchange (FIRE), including cyber incidents and FIRE will be delivered to the G20 in April.
• Climate-related financial risks. The FSB this year will focus on operationalising its analytical framework and toolkit to better assess such vulnerabilities and risks to global financial stability. The FSB will also work with members to develop a medium-term work plan and provide in July a progress report on actions taken by the FSB and other organisations in the four areas of the Roadmap for Addressing Climate-related Financial Risks.

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