We have seen the problems that these vulnerabilities can cause several times in recent years: for instance, the 'dash for cash' episode during the onset of the pandemic, the strains in commodity markets last year, and more recently the challenges faced by UK pension funds. Thankfully, these strains have proved temporary, but only after massive official sector interventions were deployed.
The FSB brings together in a collegial spirit of mutual trust senior officials from 71 authorities in 25 jurisdictions, and 10 multilateral institutions, covering multiple mandates across different sectors. This broad membership enables the FSB to take a truly holistic – cross-sectoral and international – perspective on financial stability issues.