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Ref: 9/2025

  • In his letter to G20 Finance Ministers and Central Bank Governors, FSB Chair Klaas Knot notes that recent financial market turmoil underscores the importance of robust surveillance, proactive policymaking, and international coordination.
  • Letter highlights the role played by non-bank entities in periods of recent market turmoil and the need to enhance regulation and monitoring of this critical sector.
  • Letter emphasises the need for continued reform implementation and international cooperation to ensure a resilient financial system.

The Financial Stability Board (FSB) today published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 23-24 April.

The letter, Mr Knot’s final one as FSB Chair, comes at a time of heightened financial market volatility and geopolitical risks. Reflecting on recent episodes of financial market turmoil, Mr Knot emphasises the importance of vigilance and international cooperation to address emerging risks and ensure the continued resilience of the financial system.

The letter highlights the role played by non-bank financial entities in recent periods of market turmoil, outlining the FSB’s work to strengthen the resilience of non-bank financial intermediation (NBFI). The FSB is finalising recommendations to address financial stability risks arising from leverage in NBFI that will be delivered to the G20 in July, marking a significant step in bolstering the sector’s resilience.

The letter also notes the FSB’s work to address cyber risks, which have culminated with this month’s release of the FSB’s Format for Incident Reporting Exchange (FIRE); and work to enhance cross-border payments, where efforts are focused on intensifying the FSB’s engagement with the private sector and regulators to encourage implementation of the G20 Roadmap. The letter reflects on the FSB’s unique role in fostering international cooperation to address financial stability challenges and calls on authorities to remain committed to implementing the agreed international reforms in order to preserve financial stability in an evolving risk environment and avoid fragmentation.

Notes to editors

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.