Finally, there is the question of whether there is a need for a dedicated macroprudential  policy approach to climate risk. Microprudential tools alone may not sufficiently address climate-related risks, given the cross-sectoral, cross-border and systemic implications. This discussion is just beginning. The FSB encourages authorities and standard-setting bodies to undertake research and analysis on possible enhancements to their regulatory and supervisory frameworks.
So far, the group has managed to build consensus on the relevant issues and has been able to make some progress both in the reform of the international financial architecture (expansion of the FSF and the Basel Committee, the capitalization of the IMF, revisiting of the IMF international lender of last resort role, and speeding up the governance reform process of the IFIs) and in coordinating macroeconomic policy responses to the crisis.