Progress since the St Andrews meeting in Implementing the G20 Recommendations for Strengthening Financial Stability

Abstract

At the Pittsburgh Summit, the G20 Leaders stressed that the Financial Stability Board (FSB)’s ongoing efforts to monitor progress would be essential to the full and consistent implementation of needed reforms. This was echoed by the G20 Finance Ministers and Central Bank Governors, who agreed at their November 2009 meeting in St Andrews “to work with the FSB to maintain the momentum of our programme of reforms, and ensure their full, timely and consistent implementation and a level playing field”. This note describes the measures that have been taken and other progress made since the St Andrews meeting to implement the recommendations made by the G20 and the FSB for strengthening financial stability. The note consists of two complementary parts.

• The first focuses on the policy development work at international level.
• The second describes implementation at national and regional levels by FSB member jurisdictions of the G20 and FSB recommendations, which the FSB is also providing as an input into the mutual assessment process of the G20 Framework for Strong, Sustainable and Balanced Growth. It draws from information provided by FSB member jurisdictions on their planned next steps and schedules for each policy recommendation, including whether the implementation requires legislation or can take place within existing regulatory or supervisory powers.