G20 reaffirms core of financial reform must be stronger capital standards

13:08, April 24, 2010      

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Financial ministers and central bank governors pose for the G-20 Finance Ministers and Central Bank Governors group photo session following their meeting at the IMF/World Bank Spring Meetings at the IMF Headquarters in Washington April 23, 2010. (Xinhua/Zhu Wei)

The finance ministers and central bank governors of G20 said in a communique on Friday that the core of financial reform must be stronger capital standards.

"We reaffirmed our reform is multi-faceted but at its core must be stronger capital standards," said the communique released after a meeting of the G20 finance ministers and central bank governors here.

"We recommitted to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive leverage," said the communique.

The communique also said the financial reform will be fully implemented according to timelines agreed on the G20 summits in London and Pittsburgh.

Source: Xinhua


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