FSB report on G20 implementation monitoring review

The Financial Stability Board (FSB) has published a report (the second stage of a three-stage project) on the G20 implementation monitoring review (IMR) following the October 2025 interim review. The report assesses the extent to which the FSB's policy design process facilitates effective implementation of agreed policies. Examining international reforms developed by the FSB after the 2008 global financial crisis, the report finds that differences in national legal frameworks, market structures and political capacity are the main reason for uneven implementation. However, it also notes that some implementation challenges stem from the policy development process itself, suggesting that targeted and proportionate reforms to that process are one element which could help improve implementation outcomes. The IMR's findings and recommendations on the FSB's processes are set out in section 3 of the report.

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