The Gx system is swinging into action as leaders prepare for the G20 Leaders Summit in Pittsburgh on September 24th-25th. The G20 Finance Ministers and central bank heads have just concluded their pre-summit meeting in London (September 4th and 5th). The G20 issued a Statement and a further document - a kind of assessment of financial system progress, entitled, "G20 Statement on Strengthening Financial System." What can we conclude from these pronouncements? Well, a simple examination of the document content on achievements as opposed to what the Ministers identify in the list, "But more needs to be done" would suggest there is much that needs to be agreed to - and then implemented - at Pittsburgh or by the IFIs, or the Financial Stability Board (FSB), or other fourm.
Much of the public discussion prior to the meeting was taken up by a rather fruitless debate - led by the President of France and the Chancellor of Germany, to impose hard caps on bankers' bonuses though it appears that a framework for bank capital rules has been agreed to by G20 countries.
As for key reforms for the IFIs to give the rising powers greater influence - and not withstanding the US Administration's proposal for acceleration of reform - nothing has yet been achieved.