The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit.
Points of interest include:
- The Plenary discussed market developments and vulnerabilities in the global financial system. The members considered that, while global growth remained solid, it has become more uneven across economies, and some downside risks have begun to materialise.
- The Plenary discussed and endorsed the reports that will be published next month and delivered to the G20 Summit, including the fourth annual report on implementation and effects of G20 financial regulatory reforms.
- The FSB considered a report, which is due to be published in November 2018, on member jurisdictions’ actions to remove remaining barriers on trade reporting, following up on the recommendations of a peer review in 2015.
- The FSB discussed progress by the International Association of Insurance Supervisors in developing a holistic framework to assess and mitigate systemic risk in the insurance sector.
The members also discussed the main elements of the FSB work programme for 2019 and future years, and stated that the work programme will focus on:
- finalising and operationalising post-crisis reforms;
- monitoring the implementation and evaluating the effects of post-crisis reforms; and
- addressing new and emerging vulnerabilities in the financial system.