On 11 October 2023, the Financial Stability Board (FSB) published an annual report on promoting global financial stability.

The report, which was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Marrakesh, describes the FSB’s work to promote global financial stability. The report looks at the banking turmoil in March 2023.

The report makes the following findings:

  • Swift and decisive actions were taken by the relevant authorities and that the already implemented Basel III reforms helped shield the global banking sector and real economy from a more severe banking crisis.
  • Progress in implementing the G20 financial regulatory reforms continues but remains uneven.
  • FSB member jurisdictions continue to implement the finalised Basel III reforms, though implementation in many cases is being pushed to 2024 or later. 
  • Work is still ongoing to close gaps in the operationalisation of resolution plans for banks and to implement effective resolution regimes for insurers and central counterparties. 
  • Developments over the past year reinforce the importance of global regulatory cooperation, including the completion of the post-crisis reform agenda with G20 support. 

The FSB and standard-setting bodies will continue to promote approaches to deepen international cooperation, coordination and information sharing.

Annex 1 to the report sets out the reports the FSB has published over the year.

Annex 2 to the report contains a table that provides a snapshot of the status of implementation progress by FSB members across priority reform areas.