23 Juillet 2013

Conseil de l'europe : G20 summit: Improving global confidence and support the global recovery - Joint letter of the Presidents of the European

Le 23 juillet 2013 We have made steady progress in implementing our comprehensive reform agenda in the G20. We will reiterate that the EU is delivering on time and on all fronts and is well on track to have all the main financial reforms in place by the beginning of 2014. But the G20 needs to develop a clearer narrative to set out what has been achieved so far and what is left to be done. Above all, a renewed commitment to timely and effective implementation is needed from all G20 partners. In particular, a key focus must be the implementation of the Basel framework across the G20 in order to build a resilient banking sector. Also important is the need to focus on systemic risk, wherever it originates in the financial system. The G20's work on addressing "too-big-to-fail" problems is especially relevant here. The G20 should focus in particular on developing effective resolution frameworks and other measures for global systemically-important financial institutions. Progress should also be made on the other policy strands, covering key issues such as: completing implementation of the agreed compensation practices; strengthening the oversight and regulation of the shadow banking sector; making progress in applying a global system of clear and unique identification of companies participating in global financial markets; further reducing excessive reliance on credit rating agencies; and ensuring the convergence of international accounting standards.

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/138333.pdf

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