The Financial Stability Forum (FSF) today presented to the G7 Finance Ministers and Central Bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions. The recommended actions are in five areas:
o Strengthened prudential oversight of capital, liquidity and risk management
o Enhancing transparency and valuation
o Changes in the role and uses of credit ratings
o Strengthening the authorities’ responsiveness to risks
o Robust arrangements for dealing with stress in the financial system
Public sector and private sector initiatives are underway in these areas. The FSF will facilitate coordination of these initiatives and oversee their timely implementation, thus preserving the advantages of integrated global financial markets and a level playing field across countries. To restore confidence in the soundness of markets and institutions, it is essential that steps are taken now to enhance the resilience of the global system.
See full Press Release.
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