The G20 finance ministers and central bank governors have published a communiqué following their meeting in Washington DC on 22 and 23 April 2010.
In the communiqué the G20 finance ministers and central bank governors reaffirm their commitment to fully implement the reform agenda agreed by G20 leaders at the London and Pittsburgh summits. They also:
- Reaffirmed that regulatory reform is multi-faceted but at its core must be stronger capital standards, complemented by clear incentives to mitigate excessive risk-taking practices. They recommitted to develop by the end of 2010, internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive lending. These rules will be phased in as financial conditions improve and economic recovery is assured, with the aim of implementation by the end of 2012.
- Agreed to closely review the progress of and provide guidance and strong support for the work of the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS) and the International Monetary Fund (IMF). In particular the G20 looks forward to receiving the IMF’s final report on the range of options that countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution towards paying for any burdens associated with government interventions to repair the banking system. The IMF is called on to conduct further work on options to ensure domestic financial institutions bear the burden of any extraordinary government interventions where they occur, address their excessive risk taking and help promote a level playing field, taking into consideration individual country’s circumstances.
- Stressed the importance of achieving a single set of high quality, global accounting standards. In particular the report by the Global Forum on Tax Transparency and Exchange of Information is welcomed.
The FSB has also published a report which sets out the progress made on financial regulatory reform since the G20 finance ministers meeting in November 2009 at St Andrews.
View G20 finance ministers' communiqué, 23 April 2010