Flying around here's what I've heard
Scope of Regulation
Recommendations
The systemic importance of financial institutions, markets and instruments depends on wide range of factors, including their size, leverage and interconnectness, as well as founding mismatches.
The IMF, in consultation with the expanded FSF and other bodies, should jointly a common international framework), to help National Authorities assess whether a financial institution, markets or instruments is systematically important.
This FrameWork should strive to treat similar activities more consistently for regulatory or oversight purposes regardless ofthe legal form of the Institution, so as to avoid regulatory arbitrage.
There is Effective Enforcement
... the effective enforcement of regulation should be a priority of all financial regulators. As such, National financials regulators and oversight Authorities should review the effectiveness of their reinforcement activities and assure appropriate resources are available for monitering the application and for prosecuting offenders and that the enforcement function is independant from other activities or from external influences.
The G20 Nationals Autorities commit to assist each other in enhancing their capacities to strengthen regulatory FrameWork
The Working Group offers these recommandations for Considerations by Leaders so that further clarity will be provided on improvements to the current microprudential regulatory FrameWork, and so that Authorities can move forward in a globally coordonnated effort to limit systemic risk and mitigate further crisis.
The Mood of the Working Group is kind of heavy, they obviously see crisis on the horizon but they focus pretty well IMHO on MicroPrudential.
...meanwhile via http://www.chinadaily.com.cn/...
we read
Some analysts estimate that the Obama administration's massive bailout plan, with an even higher budget deficit, is likely to further weaken the dollar and give rise to global inflation.
Hwa said the proposals by Zhou and others could help bring about a perfect storm that would reshape the international monetary system in the long run. But it could take years to persuade private companies to use SDRs for international trade and commodity pricing; and opposition from the US is a major obstacle.
"The existing international monetary system is out-of-date," said Wang Jianye, chief economist of the Export-Import Bank of China and former IMF economist. "It does not reflect the profound changes in the world econom and hence is no longer workable."
Wang said the essence of Zhou's article was to "find appropriate mechanisms" to ensure that the US takes into account the global effect of its monetary policy in the short term and help move toward a new global monetary system conducive to sustainable growth in the long run.
Snowy Owl