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    FSB Publishes Summary of November Meeting of RCG for Europe

    November 12, 2019

    FSB published a summary of the meeting of the Regional Consultative Group (RCG) in Europe. The meeting was held in Basel. The key topics of discussion included financial vulnerabilities, regulatory and supervisory issues associated with stablecoins, reform of major interest rate benchmarks, the ongoing work and plans of FSB for 2020, joint financial crisis management exercise, and effectiveness of RCGs as an outreach and feedback mechanism.

    The following are the key highlights of the discussion:

    • Members discussed global and regional financial vulnerabilities, along with the risks from elevated debt levels for many private- and public-sector borrowers in an environment where interest rates are expected to remain lower for longer globally.
    • The group discussed the wide range of global regulatory and supervisory issues associated with stablecoins and is looking forward to the public consultation on regulatory issues of stablecoins, which FSB is expected to publish in April 2020. 
    • Also discussed were the findings of the progress report on reform of major interest rate benchmarks, which FSB will publish next month.
    • Members received an update on the ongoing work and plans of FSB for 2020. As part of this update, RCG members also received an update on the ongoing evaluation of too-big-to-fail reforms for systemically important banks.
    • The group discussed a joint financial crisis management exercise that had been conducted by Nordic and Baltic authorities in January 2019 to test their preparedness for a financial crisis. Members that participated in the simulation set out the lessons learned and actions they are taking to address issues highlighted by the exercise.
    • The group expressed support for a set of recommendations developed by a working group of FSB and RCG members, and adopted by the FSB Plenary last week, to enhance the effectiveness of RCGs as an outreach and feedback mechanism.

    Related Link: Press Release

    Keywords: Europe, Banking, RCG, Stablecoin, Interest Rate Benchmark, Crisis Management Framework, FSB

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