This letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their 17-18 February meeting.

The letter notes that two years after its onset, the COVID-19 pandemic continues to weigh on the global economy. New waves of COVID-19 infections have led to further rounds of containment measures, and have contributed to an uneven recovery across regions, higher inflation and record-high debt levels globally. Nevertheless, the global financial system has been able to support the recovery to date, thanks to the greater resilience of banks and market infrastructures – supported by the G20’s post-2008 crisis reforms – and a determined policy response to the pandemic.

The letter highlights the current challenges of promoting global financial resilience during the transition to a post-pandemic world. These include heightened economic uncertainty and potentially lasting changes in the global economy which may significantly affect interest rates and asset prices.

The letter also notes digital innovation and the demand for more sustainable and innovative forms of finance as areas that promise to deliver tangible benefits to societies, but that may also give rise to vulnerabilities which must be addressed if their benefits are to be fully realised.

The letter lays out the FSB’s policy work to promote global financial resilience during the coming year, including:

  • Supporting financial market adjustment to a post-COVID world including work on policy considerations to support a more even, sustainable and inclusive global recovery, and on effective financial sector practices for national authorities to consider for addressing the effects of COVID-19 scarring.

  • Reinforcing financial system resilience in light of the COVID experience focusing on the FSB’s work to strengthen resilience in the non-bank financial intermediation (NBFI) sector through its NBFI work programme, including policy proposals to address systemic risk in NBFI.

  • Harnessing the benefits of digitalisation while containing its risks including implementing the G20 Cross-Border Payments Roadmap and its associated quantitative targets; work to address the financial risks posed by crypto-assets; and developing best practices for regulatory reporting of cyber incidents.

  • Addressing financial risks from climate change. Work here will focus on progressing the FSB’s roadmap for addressing climate-related financial risks.


FSB reports to the G20 during the 2022 Indonesian Presidency

Date Report
February Updated assessment of risks to financial stability from crypto-assets
April Report on USD funding and emerging market economy vulnerabilities during the March 2020 turmoil
July COVID-19 exit strategies to support equitable recovery for financial stability and scarring effects – Interim report
Annual progress report on climate roadmap
October Promoting Global Financial Stability: 2022 FSB Annual Report
COVID-19 exit strategies to support equitable recovery for financial stability and scarring effects – Final report
Report on policy proposals to address systemic risk in NBFI
Best practices for reporting cyber incidents to financial authorities
Annual report on implementation of the cross-border payments roadmap
Key performance indicators to monitor progress towards the quantitative targets for the cross-border payments roadmap
Regulatory and supervisory approaches to addressing climate-related financial risks – Final report
Report, jointly with NGFS, on the outputs of climate risk scenario analysis by jurisdictions
Report on progress in achieving consistent climate-related financial disclosures
Progress report on the regulation, supervision and oversight of global stablecoins