The G20 leaders have committed to strengthening the financial
regulatory system both to sustain global growth and to prevent
future crises. These efforts toward financial sector reform are
largely geared toward restoring the industry’s integrity, transparency
and accountability, thereby allowing it to regain the confidence of
the general public.
According to the timeline created at the Pittsburgh Summit, more
stringent international rules regarding bank capital and liquidity
requirements will be created by the end of 2010. They will then
be phased in as financial conditions improve and economic
recovery is assured, with the aim of implementation by the end
of 2012. At the June 2010 Busan meeting, the G20 finance ministers
and central bank governors called on the BCBS(Basel Committee
on Banking Supervision) to propose these rules by the November
2010 Seoul Summit. Further, all major financial centers are expected
to adopt the Basel II framework, recommendations on international
standards regarding capital requirements for banks, by 2011.
In addition, the G20 tasked the Financial Stability Board (FSB) to
develop capital and liquidity standards for systemically important
financial institutions (SIFI) in order to prevent excessive risk taking.
The leaders also asked the FSB to suggest appropriate resolution
tools to address the potential failures of SIFIs.
Finally, at the Pittsburgh Summit, the G20 leaders tasked the IMF
to suggest options for the financial sector to make a fair and
substantial contribution toward paying for burdens associated
with government intervention to repair the banking system.
The IMF will submit a final report to the leaders on the various
options at the June Summit.
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