FSB Reports to G20 on Progress in Implementing Global Financial Reforms
The Financial Stability Board (FSB) has published a report to G20 Finance Ministers and Central Bank Governors meeting in Paris. The report sets out the most recent progress in the implementation of the G20 recommendations for strengthening financial stability.
G20 Finance Ministers and Central Bank Governors recommitted at their meeting today to pursue the reform of the financial sector. As part of this, the G20:
In addition, the G20 will receive in October two reports to be written jointly by the FSB with other international institutions: one with the Bank for International Settlements (BIS) and International Monetary Fund (IMF) on macroprudential frameworks; and the other with the IMF and World Bank on financial stability issues in emerging market and developing economies.
Moreover, the FSB and the Organisation for Economic Co-operation and Development (OECD) have been asked by the G20 to work with other relevant international organisations to develop common principles on consumer protection in the field of financial services by October.
The FSB will continue to monitor progress on consistent international implementation of financial reforms, including through its peer reviews, and regularly report to the G20. To keep pace with growing demands, G20 Finance Ministers and Central Bank Governors asked the FSB to bring forward for the April 2011 G20 meeting proposals to strengthen the FSB’s governance, resources and outreach.