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Pittsburgh: consolidation, but no revolution at G20 summit

By Jim Brunsden  -  27.09.2009 / 21:34 CET
Leaders of the G20 countries made some headway on financial regulation at their Pittsburgh meeting, but much work lies ahead.

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Fact file

The road ahead

Forthcoming G20 meetings:

Finance ministers and central bank governors – November

Leaders – June 2010 (Canada), November 2010 (South Korea), 2011 (France)


Tasks:

Publication of a new blacklist of tax havens – by February 2010

Apply sanctions against tax havens – from March 2010

Financial Stability Board to propose possible reforms to prudential requirements for “systemically important institutions” – by end October 2010

Develop internationally agreed rules to improve the quantity and quality of bank capital and discourage excessive leverage – end 2010

Develop an international framework for large banks' insolvency procedures – by end 2010

Complete the World Trade Organization's Doha Development Round – by end 2010

Complete review of quotas at the International Monetary Fund – by January 2011. 

Creation of a single set of global accounting standards – by June 2011

All standardised over-the-counter derivative contracts to be traded on exchanges - by end 2012

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