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We warmly welcome the G-20 central bank governors and finance ministers to Korea and appreciate the gargantuan efforts that the G-20 has made to stabilize the financial system and promote financial regulatory reform in an internationally consistent and globally coordinated fashion.
We all understand the public pressures on politicians to act to stabilize domestic conditions after the use of taxpayers' funds on a large scale to support financial institutions. However, we must continue to resist the temptation of national solutions outside an agreed G20 framework.
A re-fragmentation of financial markets, whether by intent or as an unintended consequence, is in nobody's interest as it will inevitably lead to "regulatory arbitrage," as business activity moves to the lesser regulated markets.
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