The Banking Executive, Issue 155, November 2021

2021 G20 Rome Summit protect public health and ensur- ing privacy and data protection. We reiterate the essential role of transport personnel and the need for a coordinated approach to the treatment of air, maritime and land crews, consistent with pub- lic health standards and with the principle of non-discrimination. 40. Financial regulation. We wel- come the FSB final report on the lessons learnt from the COVID- 19 pandemic from a financial stability perspective and the pro- posed next steps. While the global financial system has been largely resilient, gaps in the reg- ulatory framework remain which we are committed to addressing, including by completing the re- maining elements of the G20 regulatory reforms agreed after the 2008 financial crisis. We are also committed to strengthening the resilience of the non-bank fi- nancial intermediation (NBFI) sector with a systemic perspec- tive, and reducing the need for extraordinary central bank inter- ventions, by implementing the FSB NBFI work programme. We endorse the FSB final report on policy proposals to enhance money market fund (MMF) re- silience and we will assess and address MMF vulnerabilities in our jurisdictions, using the framework and policy toolkit in the report, recognizing the need to tailor measures to jurisdic- tions' specific circumstances, as well as taking account of cross- border considerations. 41. We welcome the progress re- ported against milestones set for 2021 by the G20 Roadmap to enhance cross-border payments, and we endorse the ambitious but achievable quantitative global targets for addressing the challenges of cost, speed, trans- parency and access by 2027 set out in the FSB report. We call on public authorities and the private sector to work together to make the practical improvements to achieve these goals. We reiterate that no so-called "global stable- coins" should commence opera- tion until all relevant legal, regulatory and oversight require- ments are adequately addressed through appropriate design and by adhering to applicable stan- dards. We encourage jurisdic- tions to progress in the implementation of the FSB High- Level Recommendations, and standard setting bodies to com- plete their assessment of whether to make any adjustments to stan- dards or guidance in light of the FSB Recommendations. We en- courage the Committee on Pay- ments and Market Infrastructures, Bank for Interna- tional Settlements Innovation Hub, IMF and World Bank to continue deepening the analysis on the potential role of central bank digital currencies in en- hancing cross-border payments and their wider implications for the international monetary sys- tem. We thank Mr. Randal K. Quarles for his service as FSB Chair and we welcome the ap- pointment of Mr. Klaas Knot as his successor. 42. Trade and Investment. We affirm the important role of open, fair, equitable, sustainable, non-dis- criminatory and inclusive rules- based multilateral trade system in restoring growth, job creation and industrial productivity and promoting sustainable develop- ment, as well as our commitment to strengthen it with the WTO at its core. Recalling the Riyadh Ini- tiative on the future of the WTO, we remain committed to work- ing actively and constructively with all WTO Members to un- dertake the necessary reform of the WTO, improving all its func- tions, and we highlight the need to implement this commitment in practice through an inclusive and transparent approach in- cluding tackling the develop- ment issues. We commit to a successful and productive WTO 12th Ministerial Conference (MC12) as an important opportu- nity to advance that reform and revitalize the organization. We will work with all WTO mem- bers in the lead-up to the MC12 and beyond to enhance the ca- pacity of the multilateral trading system to increase our pandemic and disaster preparedness and resilience through a multifaceted response, with a view to deliver an outcome on trade and health by MC12, including to work to- wards enhancing timely, equi- table and global access to vaccines. We support reaching a meaningful WTO agreement on harmful fisheries subsidies by the MC12, in line with the SDG 14.6, and we welcome the ongo- ing work on agriculture. 43. We recognize the importance of sound, predictable and transpar- ent domestic regulatory frame- works for trade in services and investment. We underscore the importance of fair competition and we will continue to work to ensure a level playing field to foster a favourable trade and in- vestment environment. Reducing trade tensions, tackling distor- tions in all sectors of trade and investment, addressing supply chain disruptions and fostering mutually beneficial trade and in- vestment relations will be critical as economies respond to and re- cover from the COVID-19 pan- demic. We believe that trade and environmental policies should be mutually supportive and WTO consistent and contribute to the optimal use of the world's resources in accordance with the objectives of sustainable devel- opment. We highlight the impor- tance of strengthening MSMEs' capacity to become more inte- grated into the global economy. 44. Infrastructure investment. We recognize the critical role of the BANKING EXECUTIVE 48 ISSUE 155 NOVEMBER 2021