The Financial Stability Board delivered a report setting out the financial stability implications of COVID-19 and policy measures taken to address them to the G20 Finance Ministeres and Central Bank Governors.The report sets out five principles that underpin the official community’s rapid and coordinated response to support the real economy, maintain financial stability and minimize the risk of market fragmentation. Using these principles, authorities will:
- Monitor and share information on a timely basis to assess and address financial stability risks from COVID-19;
- Recognize and use the flexibility built into existing financial standards to support our response; seek opportunities to temporarily reduce operational burdens on firms and authorities;
- Act consistently with international standards, and not roll back reforms or compromise the underlying objectives of existing international standards; and
- Coordinate on the future timely unwinding of the temporary measures taken.