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Financial Services Law Insights and Observations

FSB to address Covid-19 impact on global financial stability

Federal Issues Financial Stability Board Covid-19

Federal Issues

On November 15, the Financial Stability Board (FSB) published a letter from their Chair, Randal K. Quarles, ahead of the G20’s November summit. In the letter, Quarles explains that, while financial conditions are easing, global economic outlook remains uncertain. He also notes that the challenges posed by Covid-19 have not yet dissipated and that continued efforts are required to support financial resilience and to ensure a sustained flow of financing to the real economy. Finally, he states that, despite the pandemic, the FSB with support from G20 leaders must continue to press forward with priority reforms, such as developing more efficient cross-border payment services, addressing risks from stablecoins, assessing climate-related financial stability risks, strengthening cyber resilience, and facilitating a smooth transition away from LIBOR in order to strengthen the global financial system.

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