FSB to focus on implementation.
The Financial Stability Board (FSB) is turning its attention to the next phase of financial reform: ensuring that policies are not just designed but effectively implemented.
In a letter to G20 Finance Ministers and Central Bank Governors ahead of their 26–27 February meeting, FSB Chair Klaas Knot outlined key priorities for 2025, including a strategic review of 15 years of post-crisis reforms, a renewed focus on data gaps in non-bank financial intermediation (NBFI), and deeper work on digital innovation, crypto-assets, and climate-related financial risks.
With many major reforms now developed, the FSB is shifting gears to assess how well they have been put into practice. This year will see a comprehensive review of global regulatory implementation, evaluating progress, identifying gaps, and refining oversight tools. Specific projects include a peer review of crypto-asset and stablecoin regulations, continued work on cross-border payments, and new recommendations to tackle leverage risks in NBFI. The FSB is also addressing technological shifts, with a report due on AI-related vulnerabilities in finance and a new framework for incident reporting on cyber threats. Climate risk remains a major concern, with efforts focused on embedding these risks into financial stability assessments.
The FSB plays a crucial role in shaping global financial policy, coordinating regulatory efforts across 24 jurisdictions and engaging with a wider network of authorities. As financial markets evolve, ensuring reforms are fully implemented—and adapting them to new risks—will be key to maintaining global resilience.
Read more on the FSB’s 2025 year plan here.
