FSB Chair’s Letter to G20 Leaders for the Brisbane Summit
The FSB Chair’s letter to the G20 Brisbane Summit is titled “Financial Reforms: Completing the Job and Looking Ahead”. It reports on progress in financial reforms and highlights the major issues for the attention of G20 Leaders, with an attached dashboard summarising the status of implementation by FSB member jurisdictions on priority reform areas. In his letter, the FSB Chair makes four points:
- The job of agreeing measures to fix the fault lines that caused the global financial crisis is now substantially complete.
- The endorsement by Leaders of proposals to end Too Big To Fail in the banking sector will be a watershed. Once implemented, these agreements will play important roles in enabling globally systemic banks to be resolved without recourse to public subsidy and without disruption to the wider financial system.
- As the FSB enters the next phase of financial reform, it will adjust focus towards addressing new and constantly evolving risks and vulnerabilities. Many of these risks arise from outside the core of the financial system.
- The FSB seeks the support of G20 Leaders to promote a system based on mutual trust and co-operation to help maintain an open global financial system.