The pace of change in the financial system continues to accelerate. New technologies and shifting market structures bring important opportunities, but they also require vigilance, agility and international cooperation.
This letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 15 October 2026.
Andrew Bailey calls for continued vigilance in addressing the many risks to the global financial system. These include heightened volatility in sovereign bond markets, vulnerabilities in private credit markets; and risks associated with artificial intelligence (AI).
The letter introduces the reports that the FSB is delivering to the G20, namely:
Cross-border Vulnerabilities and Financial Stability Monitoring of Global Stablecoin Arrangements, published today with the Chair’s letter;
Thematic Review on Public Sector Backstop Funding, published on 9 October;
Sound Practices for the Responsible Adoption of AI;
Consultation Report on Regulatory and Supervisory Modernisation;
G20 Implementation Monitoring Review Report.
Press Release
12 October 2026FSB Chair sets out FSB work on AI and stablecoins
Andrew Bailey delivers note on vulnerabilities and monitoring of global stablecoins and finalised sound practices on AI adoption.
Related Information
12 October 2026Global stablecoin arrangements: Cross-border vulnerabilities and financial stability monitoring
This note to the G20 summarises the FSB’s ongoing work on vulnerabilities related to global stablecoins along with data for their financial stability monitoring.
9 October 2026Thematic review on public sector backstop funding mechanisms: Peer review report
Peer review finds that further work is needed to complete the implementation of Key Attribute 6 to ensure resolution remains a credible option to deal with the failure of large systemic banks.
31 August 2026FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: August 2026
In his letter to G20 Finance Ministers and Central Bank Governors, Andrew Bailey, warns that markets remain vulnerable to a potential disorderly correction and cautions on the risks posed by frontier AI models.