EU leaders met before the G20 Pittsburgh summit. They agreed G20 should take several urgent actions. For financial services, these are to:
- quickly commit to a globally coordinated system of macroprudential supervision for financial institutions;
- restructure the banking sector while improving bank balance sheets;
- get all G20 countries to adopt an improved Basel II framework;
- hurry along global accounting standards;
- strengthen oversight of systemically important financial institutions;
- implement fully the London Summit approach to non-cooperative jurisdictions; and
- fulfil the London commitments on remuneration structures, based on agreed principles.