G20 leaders review progress of financial regulatory system

17:13, November 12, 2010      

Email | Print | Subscribe | Comments | Forum 

Leaders of the G20 countries continued their discussion to the fourth session issue of financial regulatory repair, sharing views on the recent progress and future direction of the ongoing reform process, the organizing committee said Friday.

According to the Presidential Committee of the G20 Summit, the participant leaders reaffirmed their commitment to strengthening the financial regulatory system as part of their broader goal of strong and sustainable growth.

Following the morning sessions on economic recovery and the IMF reform and safety net guidelines, the leaders came to sealing the more stringent international rules on bank capital and liquidity standards for systematically important financial institutions ( SIFIs), as earlier provided by the Financial Stability Board (FSB) and Basel Committee.

"The G20 Seoul Summit offers an opportunity for the G20 to further the progress made on the financial regulatory system, while outlining a new framework to support the global financial regulatory system," Lee told his counterparts at the discussion table.

In addition, President Lee raised issues of central concern to emerging markets, in particular concerning establishment of the macro-prudential policy framework and a more stringent system for monitoring and regulating shadow banking and the commodity derivatives markets.

President Lee won tremendous support from his counterparts, which makes it more probable that the agenda will last for the future summits, the organizing committee said.

Meanwhile, Mario Draghi, president of the FSB, briefed the leaders on the status of financial regulatory reform to start the general discussion.

The G20 Seoul Summit, fifth of its kind, is scheduled to end later in the day, with the so-called Seoul Declaration.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion