FSB全球金融稳定委员会-Progress-in-implementation-of-G20-financial-regulatory-reforms_3页_239kb

报告摘要

FSB Press Briefing Summary: Chair's Opening Statement (June 25, 2019)

Core Content

In his opening statement at the FSB press briefing on June 25, 2019, Randal K. Quarles, Chair of the Financial Stability Board (FSB), outlined the key priorities and progress of the FSB in promoting global financial stability. He emphasized that while significant progress has been made in building a more resilient financial system since the 2008 crisis, the task of maintaining stability is ongoing.

Main Points and Key Information

1. Progress and Ongoing Commitment

The FSB has made remarkable progress in implementing post-crisis financial reforms.
The G20 Leaders will meet in Osaka, and Quarles will highlight this progress during the meeting.
Global financial stability remains a continuous task, requiring vigilance and proactive measures.

2. Assessing Vulnerabilities

Surveillance is central to the FSB’s mission, focusing on identifying and addressing emerging risks.
The past year's macroeconomic and market volatility reinforced the need for a resilient financial system.
Key Vulnerabilities:
- Rising corporate and public debt, particularly in leveraged loans and collateralised loan obligations.
- Increased exposure to these assets globally, requiring continuous monitoring.
- Structural shifts in financial intermediation, with non-banks now accounting for nearly half of global financial assets.
- The FSB is examining the implications of these shifts on financial stability and the adequacy of existing policy tools.

3. Technological Innovation and Financial Stability

Technological innovation offers benefits but also poses risks.
The FSB has produced reports on financial stability issues related to:
- Decentralised technologies
- Cyber resilience
- Crypto-assets
The use of new crypto-asset types for retail payments requires close regulatory scrutiny.
The latest status report from the private sector Task Force on Climate-related Financial Disclosures was also delivered.

4. Post-Crisis Reforms Implementation

Finalising and monitoring the implementation of post-crisis reforms is a key focus.
The G20 Finance Ministers and Central Bank Governors reaffirmed their support for full, timely, and consistent implementation.
A colour-coded table shows uneven progress in reform implementation across countries.
The FSB has launched a programme of evaluations since 2017 to assess the effects of implemented reforms.
The third evaluation on SME financing found no material and persistent negative effects from post-crisis reforms.
The next evaluation will focus on the issue of "too-big-to-fail" institutions.

5. Addressing Market Fragmentation

The FSB investigates market fragmentation, which can result from financial regulation and supervision.
It aims to ensure that international financial activities are not hindered by cross-border frictions.
Focus Areas:
- Cross-border trading and clearing of over-the-counter derivatives
- Cross-border capital and liquidity management
- International data and information sharing
The follow-up work will focus on enhancing the effectiveness and efficiency of international cooperation to prevent and address market fragmentation.

6. Outreach and Accountability

The FSB is committed to strengthening its outreach and accountability.
Efforts include:
- Expanding engagement with countries not currently part of the FSB.
- Improving communication and transparency with external stakeholders.
- Facilitating wider input into the FSB’s work.
- Increasing understanding of the FSB’s role in supporting a resilient, equitable, and inclusive financial system.

Conclusion

Quarles concluded by reiterating the FSB's commitment to preserving global financial stability. He stressed the importance of transitioning from crisis response to a more proactive assessment of emerging vulnerabilities. The success of this transition depends on the collaboration of all G20 members and a wide range of stakeholders, including the private sector, academic community, and the public.