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(Pg 82)
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Never before has it been so important for the global capital markets to pay attention to the discussions and decisions of world leaders. The decisions and commitments made by leaders are directly impacting the interconnected global economy.
Financial institutions, which were identified by many as a cause of the recent financial crisis, have received much of the G20’s attention. Consequently, there have been unprecedented changes in financial institution and market regulation. Leaders have taken action in the areas of market integrity, bank supervision, capital requirements and leverage ratios, bank stress tests and executive compensation. Issues that caused or were affected by the crisis have been addressed.
Why is it important for the financial industry, and those related to it, to pay attention to the international stage? National regulators are directly tied to international bodies and the global guidelines that they must establish. At the G20, leaders have committed to implementing the recommendations put forward by these international bodies. Whatever is accepted at the G20 has the full support of the most powerful leaders of the most systemically significant countries in the world. The commitments made at the global G20 are later implemented at the national level.
The Preyma Report discusses the commitments made by the G20 leaders at their summits, with an emphasis on the issues most relevant to the global capital markets. Each summit serves as a starting point for tracking these issues at the national level and monitoring the landscape as it changes on a monthly basis.
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