2018年-FSB全球金融稳定委员会_FSB_Chairs_letter_to_G20_Finance_Ministers_and_Central_Bank_Governors_8页_307kb

G20 Finance Ministers and Central Bank Governors Meeting Summary

Core Content

The G20 Finance Ministers and Central Bank Governors are meeting in a context of strong and balanced global growth, supported by a resilient financial system. This resilience is attributed to the consistent efforts of the G20 and the Financial Stability Board (FSB) over the past decade. The FSB, under the Argentine Presidency, is focusing on reinforcing the G20's objective of strong, sustainable, and balanced growth through four key areas: vigilant monitoring of emerging risks, disciplined completion of outstanding financial reform priorities, pivoting focus to policy evaluation, and optimising FSB operations to enhance effectiveness.

Main Priorities and Objectives

1. Vigilant Monitoring of Emerging Risks

• The FSB conducts regular horizon scanning through the bi-annual Early Warning Exercise with the IMF.
• It engages in candid discussions at its Steering Committee and Plenary, and leverages expert analysis and structured trend assessments.
• Recent market volatility highlighted risks, but the financial system showed resilience.
• Key reforms include:
  • Strengthening large banks through globally agreed standards to end "too-big-to-fail".
  • Reducing toxic shadow banking and transforming remaining activity into resilient market-based finance.
  • Reforming OTC derivative markets to improve transparency and reduce systemic risk.

2. Financial Stability Risks from Crypto-Assets

• The FSB has initiated a review of the risks posed by the rapid growth of crypto-assets.
• Current assessment suggests that crypto-assets do not pose significant risks to global financial stability due to their limited size and usage.
• However, as the market evolves, there is a need for ongoing monitoring.
• Key actions:
  • Identify metrics for enhanced monitoring.
  • Address consumer protection, illicit activity, and market integrity.
  • Encourage international coordination with bodies like CPMI, FATF, and IOSCO.

Disciplined Completion of G20 Financial Reform Priorities

• The FSB is on track to complete several key reform initiatives by the Buenos Aires Summit.
• Basel III Banking Reforms: A major agreement was reached, and the focus is now on implementation.
• Correspondent Banking Action Plan: Progress is being made, with a final report due at the Summit.
• Remittance Provider Access: Four strategic recommendations have been identified to improve access, with a follow-up report in July 2019.
• Misconduct Risk Mitigation: A toolkit on governance frameworks for addressing misconduct is being published, with a focus on "rolling bad apples", accountability, and corporate culture.
• Non-Bank Financial Activity: The FSB monitors the growth of shadow banking and promotes resilience, with IOSCO working on liquidity and leverage measures.
• Central Counterparty (CCP) Resolution: The FSB is assessing the need for further guidance on CCP equity and financial resources in resolution.
• Cyber Security: A common international lexicon is being developed to support consistent understanding and action across the financial sector.
• Climate-related Financial Disclosures (TCFD): The FSB supports the TCFD's voluntary implementation, with a report due at the Buenos Aires Summit.

Policy Evaluation to Ensure Reform Efficiency

• The FSB is shifting from new policy development to evaluating the implementation and effects of existing reforms.
• The goal is to ensure that reforms are efficient, coherent, and effective, and to identify unintended consequences.
• First Evaluation: On financial intermediation and its impact on infrastructure investment.
• Second Evaluation: On the effects of post-crisis reforms on incentives for centrally clearing OTC derivatives.
• Future evaluations include:
  • Impact of reforms to end "too-big-to-fail" by 2020.
  • Development of a new data collection framework to support policy evaluation.

Optimising FSB Operations

• The FSB is streamlining its operations to improve efficiency and responsiveness.
• It is reducing the number of working groups and focusing on member priorities.
• The review includes:
  • Enhancing transparency and consultation processes.
  • Improving mechanisms for setting the strategic agenda.
  • Ensuring discipline and efficiency in member-led groups.
• The FSB model relies on a collaborative, consensus-based approach and a small secretariat of around 30 people, many from member authorities.

Key Deliverables During the Argentine G20 Presidency

Conclusion

The FSB is transitioning from policy design to implementation and evaluation, ensuring that the financial system remains resilient and aligned with the G20's growth objectives. The focus on monitoring, reform completion, and policy assessment reflects a mature and adaptive approach to global financial governance. International coordination and transparency are central to this effort, with the FSB playing a key role in shaping a more stable, inclusive, and efficient financial system.