On 30 September 2021, the Financial Stability Board (FSB) published a new Financial Stability Surveillance Framework. The new framework will support the  comprehensive, methodical and disciplined review of vulnerabilities, helping to identify and address new and emerging risks to financial stability. The FSB will regularly communicate its view on vulnerabilities through its annual reports.

John C. Williams, President and Chief Executive Officer of the US Federal Reserve Bank of New York, who chaired the group that developed the framework, said “The new surveillance framework provides a global, cross-border and cross-sectoral perspective on current and potential emerging vulnerabilities that draws on the collective views of the FSB’s broad membership, as well as analysis by the FSB and outreach to private sector experts”.