Promoting Global Financial Stability: 2025 FSB Annual Report

In 2025, the FSB continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote consistent and coherent implementation of policy recommendations across sectors and jurisdictions.
Key areas of focus for the year under review included addressing financial stability risks from leverage in NBFI and related data challenges; ensuring full and consistent implementation of the FSB regulatory framework for crypto-asset activities and global stablecoin arrangements; initiatives to enhance the resolution and operational resilience of financial firms; and improving cross-border payments.
Against a backdrop of rising vulnerabilities, the next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively.

Facts Only

Actor: Financial Stability Board (FSB)
Event: Continued efforts to strengthen financial systems and enhance global market stability in 2025
Key Focus Areas: Addressing risks from leverage in Non-Bank Financial Institutions (NBFIs); full implementation of the FSB regulatory framework for crypto-asset activities and stablecoin arrangements; initiatives to enhance resolution and operational resilience of financial firms; improving cross-border payments
Timeline: 2025

Executive Summary

In 2025, the Financial Stability Board (FSB) continued its efforts towards strengthening financial systems and enhancing global financial market stability by focusing on several key areas: addressing risks from leverage in Non-Bank Financial Institutions (NBFIs); ensuring full implementation of their regulatory framework for crypto-asset activities and stablecoin arrangements; initiatives aimed at improving the resolution and operational resilience of financial firms; and efforts to improve cross-border payments. With rising vulnerabilities, the FSB is set to launch a new phase of its strategic review in 2025, focusing on identifying root causes for slow implementation of G20 reforms and finding ways to promote implementation more effectively.

Full Take

As the Financial Stability Board (FSB) moves forward in 2025, their focus on key areas such as financial stability risks from leverage in Non-Bank Financial Institutions and related data challenges, full implementation of crypto-asset regulatory frameworks, improving operational resilience and cross-border payments, and addressing slowdowns in G20 reform implementation raises several questions:
What measures will the FSB implement to address these issues effectively?
How will the FSB ensure consistent implementation of their framework across various sectors and jurisdictions?
Will the FSB's initiatives result in increased financial stability and market confidence, or are there potential unintended consequences to consider?
What factors contribute to slowdowns in G20 reform implementation, and how can they be effectively addressed?