This letter was submitted to G20 Leaders ahead of their Summit on 22-23 November 2025.

Acknowledging the challenging economic outlook, FSB Chair Andrew Bailey calls for global efforts to modernise and strengthen financial regulation without compromising financial stability and reaffirms the FSB’s commitment to support G20 member countries in these efforts.

The letter highlights the growing role of nonbank financial intermediaries, including private credit markets, the slow pace of progress in efforts to enhance cross-border payments and the evolution of the digital assets landscape. The letter outlines the work the FSB is doing to strengthen implementation of global regulatory reforms and to understand and respond to changes in the financial system, in particular, private credit markets and stablecoins.