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.