FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: July 2024

This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of their meeting on 25-26 July.

The letter discusses recent events and highlights several areas that require continued attention, including historically high government and private-sector debt levels; vulnerabilities in non-bank financial intermediation (NBFI); divergent global monetary policies; and the use of foreign-currency pegged stablecoins, which may exacerbate challenges for monetary policy and capital flow management in some emerging market and developing economies.

The letter provides an overview of two areas of the FSB’s work for which documents have been submitted to the G20:

• a stocktake on nature-related risks

• a progress report on the FSB’s NBFI work programme

The letter calls for the G20’s support in promoting the full implementation of agreed regulatory reforms. The FSB will continue to foster this cooperation in the interest of a resilient, well-functioning global financial system that can facilitate strong, sustainable, balanced and inclusive growth.