Lucy HadrillThe FSB Plenary met in Basel to review vulnerabilities in the global financial system and to discuss policy work in several areas including crypto. The Plenary also agreed its work programme for 2023.
Financial stability outlook
The tightening in global financial conditions since the beginning of 2022 may crystallise vulnerabilities related to record high levels of debt across non-financial sectors. Volatility in bond and forex markets also remains elevated.
The FSB has intensified its monitoring of vulnerabilities, including work to obtain a more complete picture of leverage in the financial system and addressing data gaps.
Crypto
The Plenary discussed developments in crypto markets, including preliminary lessons from the recent failure of FTX, and emphasised the importance of ongoing vigilance. The FSB also discussed advancing a policy work programme with the standard-setting bodies to establish a global framework of regulation and supervision, including in non-FSB member jurisdictions.
FSB 2023 work programme
The Plenary discussed the FSB’s work programme for 2023, which includes priorities such as:
- intensifying its monitoring and analysis of financial stability issues;
- advancing work on the global regulatory framework for cryptoasset markets and activities;
- enhancing cross-border payments;
- strengthening cyber and operational resilience; and
- addressing financial risks from climate change.
The FSB’s full work programme for 2023 will be published in January.
