The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met on December 3rd in virtual format. Members discussed global and regional macro-financial vulnerabilities, including those stemming from the COVID-19 pandemic, their possible impact on RCG MENA member economies, and potential policy responses. As part of the discussion, members discussed initial lessons learnt from a financial stability perspective, and considered the potential implications for the region of exit measures taken in advanced economies.
Members also discussed the challenges in assessing climate-related financial risks and the implications of such risks for economies in the MENA region. Members exchanged views on policy priorities and regulatory and supervisory approaches for dealing with climate-related financial risks.
The group received an update on the FSB’s work programme for 2022, including deliverables to the Indonesian G20 Presidency, and discussed areas of particular relevance to the region where RCG MENA members could contribute their expertise.