Overview of Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability
Since the Pittsburgh Summit, the Financial Stability Board (FSB) and its members have continued to press ahead with the G20 program of financial reforms. As called for by the G20 Leaders in Pittsburgh, the FSB has continued to coordinate and monitor progress, "which will be essential to the full and consistent implementation of needed reforms". We reported on progress to the G20 Finance Ministers and Central Bank Governors at their meetings in St Andrews, Washington DC, and most recently in Busan.
This note focuses on international and national policy development on the fundamental elements of the global reform agreed at Pittsburgh:
- Strengthening bank capital and liquidity standards;
- Addressing systemically important financial institutions and resolutions;
- Improving OTC derivatives markets and core financial market infrastructures;
- Reforming compensation practices to support financial stability;
- Strengthening adherence to international supervisory and regulatory standards.
Policy work in these areas is progressing to agreed, or accelerated, timelines. 2010 and 2011 will be critical years for these core areas of global reform, in which momentum needs to be maintained to finalise and implement the reforms to achieve the long run objectives of a more resilient global system.
This report describes the measures that have been taken and other progress made in these and other areas. The FSB will next report on progress to the G20 at their meetings in Korea in the fall of 2010. Continue reading