on this issue in late march and has held consultative meetings recently. final policy recommendations are expected in the summer. • the fsb is working to have the hedge fund industry bodies bring forward proposals for high quality global best practice standards for hedge fund managers. these are now expected in may. the various interested bodies will assess their adequacy and report in the fall. three distinct efforts are underway internationally on other systemically relevant entities and products : • the joint forum is advancing its project on the differentiated nature and scope of regulation. it covers four areas : ( i ) consolidation and group - wide approach, which deals with non - regulated entities within groups ; ( ii ) hedge funds ( other funds, such as money market funds, will be considered at a later stage ) ; ( iii ) mortgage originators and brokers and other intermediaries ; and ( iv ) risk transfer mechanisms, focusing on credit risk transfer instruments and associated markets. • this group is drawing on iosco ’ s work on unregulated markets and products, focused on securitised products and credit derivatives markets – a consultative document in this area will be put out in the next days. • the imf and the bis are advancing their work on methodologies to quantify systemic risk and identify systemically relevant institutions and activities. there will be discussion in the weeks ahead on the expectations for joint delivery for the fall. all the above address a few of the areas for actions highlighted during the london summit. in addition, • on supervisory colleges, the fsb is reviewing progress in the establishment and operation of the colleges. it is expected that colleges for all selected large and complex groups will have been established by june. • on cross - border crisis management, firm - by - firm groups will be established shortly to review contingency planning for the institutions that have fsb supervisory colleges. • the g20 also called on the fsb and standard setters to assess and raise supervisory and regulatory standards and codes, drawing efficiently on existing processes – including the joint imf / world bank financial sector assessment program ( fsap ). three related objectives under this headings include ( i ) fostering greater adherence to international standards ; ( ii ) helping to identify jurisdictions that lag behind in terms of their implementation of these standards ; and ( iv ) supporting a peer review process among fsb members. the fsb, with its expanded mandate and membership, is well placed to carry through and build on these various initiatives.

low - paid workers. unequal access to health and education across and within countries and a consequent drop in human capital accumulation may worsen the impact on future generations. we praise management for the role the world bank group ( w bg ) is playing in this regard, having quickly conveyed substantial resources to help the poorest and the most vulnerable, supporting the health sector, and providing liquidity to the business sector in low - income countries. even more than in other episodes of widespread crisis, the w bg must provide countercyclical support while promoting long - term growth. these two objectives are not contradictory. indeed, it is necessary to help address the ongoing short - term financing needs of client countries in the fight against the covid - 19 shock while simultaneously promoting sustainable growth. interventions in some areas – such as health or social safety nets – emerge as key priorities. however, education and sustainable infrastructure must not be overlooked, as these sectors shore up resilience to environmental, economic and social vulnerabilities. needs arising from the consequences of the shock are huge, and financing a comprehensive economic recovery plan – targeting both poverty reduction and inclusive, sustainable growth – is challenging. only by working together is it possible to come out of the crisis faster and better : 1 / 2 bis central bankers'speeches international coordination is more important than ever. the world bank group ’ s financial resources have recently been boosted by the ibrd and ifc capital increase and the very successful ida replenishment. this calls for doubling the effort to coordinate with other multilateral development banks, international financial institutions, and the donor community and to leverage all sources of finance — including from the private sector. in this respect, w bg operations should be informed by a clear understanding of the reasons behind private sector retrenchment from developing countries. it is crucial to assess the extent to which retrenchment results from heightened uncertainty about the length and the depth of the crisis, which might call for a better use of guarantees or blending instruments. at the same time, putting the most appropriate economic policies in place is one of the most effective ways of de - risking. while policies aimed at protecting domestic industries to the detriment of fdi flows may have short - term employment benefits, they may entail larger medium - term costs in terms of innovation, technology transfer, and eventually growth potential. we encourage the w bg to support the adoption of long - term oriented policies in its dialogue with partners