This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of their meeting on 13-14 October.

The letter notes the challenging outlook for global financial stability. It outlines the work the FSB is undertaking to tackle current financial stability issues, including those related to commodity markets or hidden leverage.

Complementing its ongoing work on current vulnerabilities, the FSB is taking forward initiatives that deal with important structural changes affecting the financial system, including crypto-assets, cross-border payments, cyber risk and climate change. The letter outlines the reports being submitted to the October G20 FMCBG, which cover:

  • A regulatory framework for crypto-assets

  • Improving cross-border payments

  • Containing cyber risks

  • Addressing climate-related financial risks

Finally, the letter notes that the challenging combination of rapidly evolving financial conditions and swift structural change in the financial system may be with us for some time. The FSB is working to promote a resilient global financial system in the near term and over the longer run, supporting policymakers in the G20 to foster stronger, equitable and inclusive growth.