The G20 Leaders called on the re-established FSB to develop macro-prudential tools, together with the Bank for International Settlements (BIS), to identify and take account of macro-prudential risks across the financial system and limit the build up of systemic risk for regulated entities.
Moreover, the envisaged cooperation between the IMF and the FSB for the conduct of Early Warning Exercises will be crucial for the success of the global monitoring of systemic risks. At the European level, the proposal of the De Larosière group to establish a European Systemic Risk Council should substantially improve the assessment of risks to financial stability at the EU level.