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Ref: 15/2022
The Financial Stability Board (FSB) Regional Consultative Group for Europe today in Stockholm held their first in-person gathering since the onset of the COVID-19 pandemic.
Members discussed the outlook for global and regional financial stability considering recent developments, including rising and volatile commodity prices triggered by Russia’s invasion of Ukraine, higher inflation, vulnerabilities in the non-bank financial sector and other areas that warrant particular attention over the coming months. Members received an update on the FSB’s 2022 work programme, and discussed items of particular relevance to the European region.
The group discussed regulatory and supervisory issues related to crypto-assets, and the associated challenges for policymakers. Members were briefed on the FSB’s recently established workstream to examine supervisory and regulatory issues raised by “unbacked” crypto-assets which complements continuing FSB work on issues raised by stablecoins. The group provided feedback on the areas that could benefit most from international cooperation.
Finally, the group discussed work on a number of fronts to address financial risks related to climate change, which the FSB is coordinating through its Roadmap published in July 2021. This included an overview of the International Sustainability Standard Board’s (ISSB) work on developing global baseline sustainability disclosure standards, beginning with climate. Members considered ways they could further support the ISSB in finalising its exposure draft. Members also provided feedback on the recommendations set out in the FSB’s consultative report on regulatory and supervisory approaches to climate-related financial risks that was published last month. They also exchanged views on the financial stability implications of wider sustainability issues, including nature and biodiversity.
The meeting was preceded by an Informal Seminar on Climate Change and Energy Market Dynamics to discuss the implications for financial stability of climate transition risks and recent energy market challenges and the role the financial sector can play in supporting the climate transition.