Russia and other former Soviet republics will check the impact of the euro area debt crises on banks and consider possible policy responses along with peer reviews of the progress the countries are making in implementing financial reform, Financial Stability Board (FSB) said.
Finance officials from the Commonwealth of Independent States (CIS) met earlier today in Moscow as part of the FSB's regional consultative group for CIS and discussed policy priorities under Russia's upcoming Group of 20 presidency, according to a statement from the FSB, the global body that monitors and coordinates financial regulation on behalf of G20 world leaders.
Discussions also focused on the policy framework for domestic systemically important banks (D-SIBs) and the potential impact of financial reforms on emerging markets and developing economies.
"Members agreed to conduct an analysis of the potential impact of the financial situation in some European countries on the region and possible policy responses," the statement said.
Members of FSB's regional consultative group for the CIS include Russia, Ukraine, Armenia, Belarus, Kazakhstan, the Kyrgyz Republic and Tajikistan.