On 19 February the Financial Stability Board published a report to the G20 Finance Ministers and Central Bank Governors. It sets out the most recent progress in the implementation of the G20 recommendations for strengthening financial stability. At this meeting the G20 re-committed to pursuing the reform of the financial sector. The key objectives of this are:

  • to implement fully the Basle III new standard for banks within the agreed timelines;
  • calls for completion by the November 2011 G20 summit of ongoing policy work on systemically important financial institutions as scheduled in the FSB work programme for 2011;
  • preparation by the FSB by the middle of this year of recommendations on regulation and oversight of the shadow banking system