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Part I Responses to the Covid-19 Crisis and Maintenance of Financial Stability, 1 The Role of International Financial Fora in Preserving Global Financial Stability Amidst the Pandemic Crisis: The First 18 Months

Christos V. Gortsos

From: International Monetary and Banking Law post COVID-19

Edited By: William Blair, Christos Gortsos, Chiara Zilioli

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 04 March 2024

Subject(s):
Banking — International Organisation of Securities Commissions (IOSCO) — Financial stability — Basel committee on Banking Supervision — International Association of Insurance Supervisors (IAIS)

This chapter analyses the role of international financial fora in preserving global financial stability during the first 18 months of the COVID-19 pandemic crisis. It acknowledges that crisis as an extraordinary challenge in living memory following the severity of its impact across the globe. Despite the pandemic-induced March 2020 market turmoil, the global financial system remained stable, and markets kept functioning. However, threats to international financial stability are apparent and not to be underestimated since the pandemic may yet test the resilience of the global financial system. The chapter elaborates on the work of the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the International Association of Deposit Insurers (IADI), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS). It clarifies that the timing of a full return to new normality and the conditions in the real sector of the economy will determine whether the global financial system will remain as robust as before.

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