From mondovisone

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas held a conference call today to discuss global and regional macroeconomic and financial market developments and their potential impact on economies in the Americas.

Members exchanged views on the latest financial stability implications of COVID-19. They considered the effectiveness of the wide range of policy measures authorities have taken to sustain the supply of credit to the real economy, to support financial intermediation, and to preserve the functioning and resilience of the individual and global financial systems.

The group also received an update on the FSB’s work programme, which has been re-prioritised to focus on responding to the impact of COVID-19 on the financial system. Members welcomed the FSB’s policy work on enhancing global payment systems and discussed payments issues in the Americas. The group received an update on the FSB’s work on benchmark rates transition and supported the FSB’s initiative to remove remaining dependencies on LIBOR by the end of 2021.

In light of a forthcoming monitoring report to be published later this month by the RCG, members discussed trends and developments in non-bank financial intermediation (NBFI) in the Americas. The monitoring report will be the fifth in a series of reports by the RCG since 2012 that assess the size, structure and recent trends of the NBFI sector in the region, in order to identify potential risks to financial stability at the local jurisdiction level, as well as those arising from potential cross-border linkages.

Background

The FSB RCG for the Americas is co-chaired by Alejandro Díaz de León-Carrillo, Governor, Bank of Mexico and Cindy Scotland, Managing Director, Cayman Islands Monetary Authority. Membership includes financial authorities from Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Guatemala, Honduras, Jamaica, Mexico, Panama, Paraguay, Peru, Trinidad and Tobago, the United States of America and Uruguay.

The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.1 Typically, each Regional Consultative Group meets twice each year.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

The FSB is chaired by Randal K. Quarles, Vice Chairman, US Federal Reserve; its Vice Chair is Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.

1. The FSB Regional Consultative Groups cover the following regions: Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa. [←]

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