FSB "Financial Market Smooth ...Need to establish work continuity plan against Corona19"

 

 

 

 

 

 

 

 

 

FSB "Financial Market Smooth ...Need to establish work continuity plan against Corona19"

The steering committee of the Financial Stability Board (FSB), which includes the Group of 20 major economies, announced on the 5th that it is necessary to establish a "CBCP" on the spread of the new coronavirus infection (KORONA19). It also reaffirmed the importance of international cooperation.The Financial Services Commission (FSSB) said yesterday that the FSB steering committee held a conference call the previous night to check the financial market impact of the spread of Korona19 and share the current state of each country's policy responses. The FSB Steering Committee was attended by heads of central banks and financial regulators from 15 major countries as well as chief executive officers from 11 international organizations, including the International Monetary Fund and the European Central Bank, as well as major decision-making sessions. In Korea, Sohn Byung-doo, vice chairman of the Financial Supervisory Service, attended.The FSB steering committee assessed that the financial market has been functioning smoothly so far. He emphasized the importance of international cooperation as the Korona19 is a global issue, not a matter of a particular country.Sohn, who attended the FSB steering committee, proposed that the steering committee be used as a hotline for policy coordination in the financial sector between countries, and supported it in each countryThere was some volatility in the financial market in the early stages of the Korona19 spread, but the initial volatility stabilized due to rapid efforts by governments including South Korea, Son said.Regarding the Korean government's activities to stabilize the market, it also explained that it is preparing financial support measures for pre-emptive Korona 19 quarantine, small business and small businesses, and strengthening market monitoring and business continuity plans.