FSB writes to G20 on priorities ahead
Financial Stability Board (FSB) Chair Randal K. Quarles wrote this week to G20 Finance Ministers and Central Bank Governors, ahead of their meeting on 13 October. His letter focused on two key aspects of the FSB’s work, on which it had also submitted reports: developing a more resilient non-bank financial institution (NBFI) sector, and cross-border payments services that are fit for the future. In both areas, among other priorities, it notes the need to address data gaps to ensure sound supervision. On the need for a systemic risk perspective on NBFIs, Quarles states that “additional data and tools to enhance the ability to monitor, assess and mitigate systemic risk will need to be investigated,” noting the need for flexibility to allow for emerging risks and for international cooperation and coordination.
