The global risk outlook has become more challenging amid increased trade and economic policy
uncertainty.
This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 23-24 April.
As his term as FSB Chair nears its conclusion on 1 July 2025, Klaas Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for the future. The letter notes the challenging global risk outlook, with increased trade and economic policy uncertainty reflected in large price swings and heightened volatility in global financial markets. The letter calls on market participants and financial supervisors and regulators to remain vigilant.
Recent episodes of financial market turmoil, rapid technological advancements, and the growing threat of climate change, all underscore the need for vigilance and international cooperation.
The FSB has played a critical role in enhancing the resilience of the financial system.
The letter emphasises the importance of implementing reforms and highlights the need for sustained global coordination to address emerging risks and ensure a resilient financial system.
