The Financial Stability Board (FSB) today published its work programme for 2022. Priority areas of work and new initiatives, including key deliverables to the G20 Indonesian Presidency, are:
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Supporting international cooperation and coordination on current financial stability issues. Against the backdrop of the Russia-Ukraine conflict and its economic impacts, the FSB is reinforcing its forward-looking monitoring, using its new surveillance framework. Work will also continue on policy responses to COVID-19, including follow up on the lessons learnt from COVID-19 for financial stability report, and a report on exit strategies and effective practices for addressing the effects of COVID-19 scarring in the financial sector.
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Enhancing the resilience of non-bank financial intermediation (NBFI). In addition to the remaining work on specific issues identified in the holistic review of the March 2020 market turmoil, the FSB will focus on developing a systemic approach to NBFI.
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Enhancing cross-border payments. The FSB has committed to complete a number of actions under its roadmap to enhance cross-border payments. The FSB will deliver to the G20 a progress report and the development of key performance indicators to monitor progress towards the quantitative targets for the roadmap.
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Harnessing the benefits of digital innovation while containing its risks. The FSB will continue work on the financial stability and regulatory and supervisory implications of technological innovation, with a particular focus on various forms of crypto-assets, including decentralised finance (DeFi). Given the increased interconnections in the financial system and surface for cyber attacks, enhancing operational and cyber resilience will remain important items on the FSB agenda.
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Addressing financial risks from climate change. The FSB will continue to coordinate international work through its roadmap for addressing climate-related financial risks. The FSB’s own initiatives under the roadmap will focus on building and strengthening the analytical basis for monitoring climate-related risks to financial stability; identifying regulatory and supervisory approaches to address climate-related financial risks; and taking stock of progress in the implementation of the roadmap.
