On 11 April 2008, the Financial Stability Forum (FSF) presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions. The recommended actions are in five areas: o     Strengthened prudential oversight of capital, liquidity and risk management o     Enhancing transparency and valuation o     Changes in the role and uses of credit ratings o     Strengthening the authorities’ responsiveness to risks o     Robust arrangements for dealing with stress in the financial system   Public sector and private sector initiatives are underway in these areas. The FSF will facilitate coordination of these initiatives and oversee their timely implementation, thus preserving the advantages of integrated global financial markets and a level playing field across countries. To restore confidence in the soundness of markets and institutions, it is essential that steps are taken now to enhance the resilience of the global system. At the same time, the FSF recognises the strains under which the financial system is currently operating and will pursue implementation in a way that avoids exacerbating stress in the short term. The FSF will report on progress in June followed by a fuller follow-up report in September. The FSF will continue to closely monitor implementation thereafter.   The report is available here.   The press release issued with regard to the report is available here.   The interim report by the FSF’s Working Group on Market and Institutional Resilience, setting out policy directions, was issued in February 2008 and is available here.   The preliminary report by the Working Group, setting out its workplan, was issued in October 2007 and is available here.