FSB self-assessment: 'job done'

Ian Rogers
The Financial Stability Board declared "the job of agreeing measures to fix the fault lines that caused the global financial crisis" was "now substantially complete" in an overview of reports prepared by the regulatory coordination body for the G20 Leaders at the weekend.

"Strengthened international standards are building more resilient financial institutions and more robust markets [while] actions are being taken to guard against systemic risk arising from the migration of risky activity to elsewhere in the financial system," wrote Mark Carney, the FSB chair (and also governor of the Bank of England).

Carney said: "the endorsement by leaders of proposals to end 'Too Big To Fail' in the banking sector will be a watershed.

"Once implemented, these agreements will play important roles in enabling globally systemic banks to be resolved without recourse to public subsidy and without disruption to the wider financial system."

Carney said the FSB would "adjust focus" towards addressing risks "from outside the core of the financial system."