G20 leaders review progress of financial regulatory system

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Leaders of the G20 countries continued their discussion to the fourth session issue of financial regulatory repair, sharing views on the recent progress and future direction of the ongoing reform process, the organizing committee said Friday.

According to the Presidential Committee of the G20 Summit, the participant leaders reaffirmed their commitment to strengthening the financial regulatory system as part of their broader goal of strong and sustainable growth.

Following the morning sessions on economic recovery and the IMF reform and safety net guidelines, the leaders came to sealing the more stringent international rules on bank capital and liquidity standards for systematically important financial institutions ( SIFIs), as earlier provided by the Financial Stability Board (FSB) and Basel Committee.

"The G20 Seoul Summit offers an opportunity for the G20 to further the progress made on the financial regulatory system, while outlining a new framework to support the global financial regulatory system," Lee told his counterparts at the discussion table.

In addition, President Lee raised issues of central concern to emerging markets, in particular concerning establishment of the macro-prudential policy framework and a more stringent system for monitoring and regulating shadow banking and the commodity derivatives markets.

President Lee won tremendous support from his counterparts, which makes it more probable that the agenda will last for the future summits, the organizing committee said.

Meanwhile, Mario Draghi, president of the FSB, briefed the leaders on the status of financial regulatory reform to start the general discussion.

The G20 Seoul Summit, fifth of its kind, is scheduled to end later in the day, with the so-called Seoul Declaration.

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