G20 Implementation Monitoring Review: 2026 Report (Financial Stability Board)

Summary

• The IMR review working group was established in 2024 to evaluate the implementation status of international financial reforms and recommend improvements to monitoring.p.7
• The first stage of the IMR review conducted in 2025 evaluated implementation progress across the 15-year history of the FSB.p.7
• The IMR Chair and Secretariat conducted strategic interviews with eighteen current and former senior officials from FSB members.p.11
• The FSB was established by the G20 in 2009 to coordinate international regulatory and supervisory financial sector policies.p.10
• The third stage of the IMR review focusing on implementation monitoring is planned for delivery in the first half of 2027.p.8

Key insights

1. National legal frameworks, market structures, and local authority capacities remain the primary determinants of where implementation lags.p.5
2. Urgency and political momentum following the Global Financial Crisis have waned while domestic political processes weigh more heavily on reform outcomes.p.13
3. Early policy recommendation development should default to high-level principles rather than granular prescription while a vulnerability is still taking shape.p.5
4. New policy proposals for the Plenary should set out indicative timelines from commissioning to implementation monitoring that reflect the current environment.p.14
5. Proposals for new policy recommendation work from Standing Committees, ReSG, and CPC should be aggregated into one document for Plenary review during annual work programme planning.p.16
6. Policy proposals brought to the Plenary should establish a common informational basis explaining the vulnerability and its alignment with FSB competencies.p.16
7. Operational-level information sharing and coordination between the FSB and standard-setting bodies should be expanded to enhance alignment.p.17
8. Public engagement and specific input from emerging market and developing economy authorities should be strengthened during policy development.p.19
9. Policy recommendation document formats, implementation expectations, and terminology should be standardized and consolidated into a single compendium.p.23
10. The FSB should adopt a written framework within its Procedural Guidelines to guide the development of policy recommendations going forward.p.24