I would like to call this “global systemic risk” as opposed to “financial systemic risk.” Piling Pelion on Ossa, in addition to international financial instability, international social instability represents an issue that must be dealt at an early date in order to avoid a new type of crisis.
With this problem of social instability very much in mind, particular emphasis was given to the “development issue” in the talks at last November’s G20 meetings in Seoul. 4  BIS central bankers’ speeches  It follows on from this that discussions are required within the G 20 framework on surveillance and policy coordination with particular reference to “global systemic risk”.