On 23 April 2025, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 23-24 April.

In the letter Mr Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for the future. The letter notes the challenging global risk outlook, with increased trade and economic policy uncertainty reflected in large price swings and heightened volatility in global financial markets. The letter calls on market participants and financial supervisors and regulators to remain vigilant. The letter also highlights the role played by non-bank financial entities in recent periods of market turmoil, outlining the FSB’s work to strengthen the resilience of non-bank financial intermediation (NBFI). The FSB is finalising recommendations to address financial stability risks arising from leverage in NBFI that will be delivered to the G20 in July, marking a significant step in bolstering the sector’s resilience.