Financial Stability Board Publishes Work Programme for 20222022-04-04
On March 31, 2022, the Financial Stability Board (FSB) published the FSB Work Programme for 2022, which outlines priorities, new initiatives, continuing items or those reaching completion, regular monitoring and reporting, and key deliverables to the G20 Indonesian Presidency. Some of the FSB’s priorities and initiatives include:
- Supporting international cooperation and coordination on current financial stability issues. This includes reinforced monitoring using the new surveillance framework, in light of the Russia-Ukraine conflict and its economic impacts. Further, the FSB will follow-up “on the lessons learnt from COVID-19 for financial stability report, and a report on exit strategies and effective practices for addressing the effects of COVID-19 scarring in the financial sector.”
- Enhancing the resilience of non-bank financial intermediation (NBFI).
- Enhancing cross-border payments. The FSB will implement actions under its roadmap to enhance cross-border payments; and will deliver a progress report to the G20, along with “the development of key performance indicators to monitor progress towards the quantitative targets for the roadmap.”
- Harnessing the benefits of digital innovation while containing its risks. The FSB will focus on crypto-assets, such as decentralised finance (DeFi); and will continue to concentrate on enhancing operational and cyber resilience.
- Addressing financial risks from climate change. “The FSB will continue to coordinate international work through its roadmap for addressing climate-related financial risks. The FSB’s own initiatives under the roadmap will focus on building and strengthening the analytical basis for monitoring climate-related risks to financial stability; identifying regulatory and supervisory approaches to address climate-related financial risks; and taking stock of progress in the implementation of the roadmap.”
More information on the FSB’s 2022 work programme is available here.