On 15 July 2020, the Financial Stability Board (FSB) published a report that provides an update on financial stability developments and risks relating to COVID-19, the policy actions taken to date and how they relate to the FSB principles, the factors that affect the effectiveness of policies and their implementation and the way forward.

The report draws on information shared by members of the FSB and its regional consultative groups concerning their recent policy measures. It also draws on discussions with industry participants on the effectiveness of prudential and other financial policy measures taken to date, including experiences with their implementation. The policy measures that have been taken are designed to sustain the supply of financing to the real economy, provide economic assistance and support market functioning. Broadly, such actions have included: government guarantees and direct lending, loan restructuring, capital injections and other corporate relief, central bank policy interventions to ease credit conditions, prudential measures to facilitate the continued flow of credit to the real economy and provide operational flexibility to supervised firms.