And a new report by the Financial Stability Board warns that AI doesn't have a lot of data from past financial crises, and might not behave in a suitable way if another Great Recession or similar crash were to happen.
In April 2015, at the request of G20 Finance Ministers and Central Bank Governors, the Financial Stability Board(FSB) convened representatives of the private and public sector to review how the financial sector could take account of climate-related issues.
At present, under the initiative of G20 and Financial Stability Board, policymakers are discussing various issues stemming from tensions between financial globalization and sovereign states, such as cross-border resolution of globally active financial institutions.
At the fifth G20 Summit on Financial Markets and the World Economy, held in Seoul in November 2010, the participating countries agreed to ask the Financial Stability Board(FSB) to formulate proposals to strengthen the regulations and supervision for shadow banking.
We welcome the Financial Stability Board(FSB) proposal as set out in the Annex requiring global systemically important banks to hold additional loss absorbing capacity that would further protect taxpayers if these banks fail.
Since 2014, efforts have been made on interest rate benchmark reform based on the recommendation by the Financial Stability Board(FSB) to promote the usage of interest rate benchmarks in ways suited to the characteristics of financial instruments and financial transactions.
We have agreed that the Financial Stability Forum should be expanded, given a broadened mandate to promote financial stability, and re-established with a stronger institutional basis and enhanced capacity as the Financial Stability Board(FSB).
The Plaintiffs state that the meetings of the BIS and Financial Stability Board(FSB)(successor of FSF), their minutes, their discussions and deliberations are secret and not available nor accountable to Parliament, the executive, nor the Canadian public- notwithstanding that the Bank of Canada policies directly emanate from these meetings.
We agreed that all members will adopt the new standards and these will be phased in over a timeframe that is consistent with sustained recovery and limits market disruption, with the aim of implementation by end-2012, and a transition horizon informed by the macroeconomic impact assessment of the Financial Stability Board(FSB) and BCBS.
Based on our agreement at the Pittsburgh Summit that Basel II will be adopted in all major centers by 2011, we agreed that all members will adopt the new standards and these will be phased in over a timeframe that is consistent with sustained recovery and limits market disruption, with the aim of implementation by end-2012, and a transition horizon informed by the macroeconomic impact assessment of the Financial Stability Board(FSB) and BCBS.
The group will also closely coordinate with the relevant institutions and forums- in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures(CPMI).
We call on the FSB to work with the BIS(Bank for International Settlements) and international standard setters to develop macro-prudential tools and provide a report by autumn 2009.
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