Strategic review launched for global financial crisis preparedness
The Financial Stability Board (FSB) has launched a strategic review of its crisis preparedness activities to strengthen the global financial system. This initiative aims to adapt the framework to emerging vulnerabilities and integrate it with broader crisis response measures.
Adapting to evolving financial risks
Over 15 years, the FSB's standard-setting, anchored in the Key Attributes of Effective Resolution Regimes, has built a strong foundation for crisis response.
However, recent periods of turmoil have revealed gaps in the framework and its implementation, highlighting the need for better integration with broader crisis preparedness.
The strategic review will strengthen and adapt FSB activities to new vulnerabilities, drawing on lessons from crises since 2009. It will also enhance preparedness across all crisis stages, from early intervention to post-stabilisation restructuring, and refine internal processes to meet strategic objectives.
A core aim is to reinforce the central role of the Key Attributes as the international standard for resolution regimes.
Enria to lead high-level expert group
The FSB has appointed Andrea Enria, former Chair of the Supervisory Board of the European Central Bank and the first Chair of the European Banking Authority, to lead a high-level group for this strategic review.
Mr. Enria emphasized the importance of effective crisis management, stating, "The ability to manage crises effectively is not just a technical requirement but a cornerstone of global financial stability.
I am honoured to chair this strategic review of the FSB's crisis preparedness activities, which aims to ensure that the crisis management framework remains credible and fit for purpose.
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