New FSB Chair Andrew Bailey tells G20 in Durban that international coordination is more important than ever.
This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 17-18 July 2025.
Having taken up the role of FSB Chair on 1 July 2025, Andrew Bailey sets his priorities for the FSB, notably:
- Enhancing surveillance capabilities;
- Addressing key risks to financial stability;
- Strengthening the effectiveness of the FSB.
The letter advises the G20 of the full range of FSB activities, which includes work to improve the data used by authorities to monitor vulnerabilities, promoting better cross border payment services, analysing potential climate-related impacts on the financial system and tackling the destabilising impacts that leverage can have on the financial system.
The letter underlines the need to remain vigilant to the risk of disruptive market moves as uncertainty continues to weigh on growth expectations. Mr Bailey calls for continued global cooperation and engagement against the backdrop of geopolitical tensions and rising fragmentation risk, and expresses his commitment to upholding the FSB’s mission and strengthen the resilience of the global financial system.
