The Financial Stability Board Secretary General used a speech on multilateralism to assess the state of international financial regulatory cooperation, arguing that changing consensus has altered how members reach agreement but has not halted joint work. Cross-border coordination remains necessary because divergent rules can encourage regulatory arbitrage and allow risks to migrate toward jurisdictions, sectors or entities with weaker oversight. The speech identified nonbank financial intermediation, digital innovation, cross-border payments, vulnerability assessments, implementation monitoring and supervisory practices as continuing priorities. It pointed to the recent consultation on sound artificial intelligence practices and the agreement by 29 jurisdictions to develop voluntary action plans under the cross-border payments roadmap as evidence of ongoing cooperation. The Secretary General urged members to maintain senior-level participation, engage constructively, offer alternative proposals when opposing initiatives and adapt to evolving consensus.
Financial Stability Board2026-07-28
Financial Stability Board Secretary General says multilateral cooperation remains active despite shifting consensus
The Financial Stability Board Secretary General said shifting consensus has changed, but not stopped, international financial regulatory cooperation. The FSB continues to prioritize nonbanks, digital innovation, cross-border payments and implementation monitoring, with 29 jurisdictions agreeing to develop voluntary cross-border payment action plans.