The [Financial Stability Board]( (FSB) published today the following documents delivered to G20 Leaders for the St Petersburg Summit:

* a [letter]( from the FSB Chair, Mark Carney, to the G20 Leaders, taking stock of the financial reforms since the global financial crisis and the major outstanding issues which call for the attention of Leaders;
* a [narrative progress report](, setting out in summary, non-technical language the framework of financial reforms that the FSB is coordinating at the request of G20 Leaders and the remaining steps that need to be taken to complete the reforms;
* a more detailed and comprehensive [overview report]( on progress in the implementation of the financial reforms in order to strengthen financial stability; and
* a [“scoreboard”]( status report prepared by the FSB Secretariat, in consultation with FSB members, that assesses the current state of progress made in global policy development and implementation of financial regulatory reforms.

In his letter to the G20 Leaders, the Chair wrote:

*”FSB members have made major progress correcting the fault lines that caused the crisis. We are building more resilient financial institutions and more robust markets through substantially strengthened international standards. We are addressing the problem of too-big-to-fail. We are working to prevent regulatory arbitrage, so that tightening regulation in one sector or region does not lead to risky activity migrating elsewhere. And we are building a framework for robust market-based finance so that markets will remain continuously open.*

*Our work is not yet completed. It is crucial that the G20 stay the course in implementing reforms in a consistent manner. More remains to be done to build the resilience of institutions. The G20 should also concentrate in particular on completion of three crucial areas of reform: ending too-big-to-fail; reforming shadow banking; and making derivatives markets safer.*

*The G20’s response will ultimately dictate the openness of the global system and consequently the strength and sustainability of global growth. Only the G20 can decide whether the necessary institutions and co-operative cross-border mechanisms are built in order to realise fully the benefits of an open, integrated and global financial system. Strong, sustainable and balanced growth will not ultimately be achievable without such a system.”*