James Barth said the G20's financial system agenda will 'serve as a strict guideline for its members.' / Image by Joe McAdory
What are G20-member nations doing in an attempt to stabilize the world economy? Bank regulations.
According to the Milken Institute paper “Systematically Important Banks in the Post-Crisis Era: The Global Response, and 135 Countries’ Responses,” released by Raymond J. Harbert College of Business Lowder Eminent Scholar in Finance James Barth and three others, G20 members “have pledged to change national laws and policies, as necessary, to keep their commitments.”
"With the G20 taking over the G7 as the most powerful global economic and financial policy-making forum, the financial system agenda will serve as a strict guideline for its members," said Barth, Senior Finance Fellow at the Milken Institute.
"The greatest progress to date in establishing workable regulatory financial standards by the G20 has been in the area of banking, through the Basel Committee on Banking Supervision, including the Basel III bank capital standards."