The Presidents of the European Council and the European Commission have jointly published a letter concerning the key issues that will be discussed at the G20 summit in Hangzhou on 4 – 5 September 2016. Section 4 of the letter states:
‘Financial regulatory reform needs to remain high on the G20 agenda. The intended refinements of the Basel III framework need to be subject to a thorough impact analysis and capital requirements must not be significantly increased in any of the major regions of the world. The work of the Basel Committee, which has our support, should conclude by the end of 2016 to ensure regulatory certainty. On central counterparties we now need to push forward on the resolution framework. The G20 should also make a sound analysis of the combined efforts of the agreed financial reforms to ensure their consistency with the G20’s overall objectives. The consistent implementation of Total Loss Absorption Capacity, effective cooperation in the event of cross-border resolution and the finalisation of the over-the-counter derivatives reforms remain priorities.
‘As regards the international financial architecture, it is particularly important that leaders reaffirm their commitment to maintaining a strong and adequately resourced International Monetary Fund equipped with an effective toolbox.’
View European Council and European Commission letter concerning key issues to be discussed at the G20 summit in Hangzhou on 4-5 September 2016, 29 August 2016
View Financial regulatory reform needs to remain high on the G20 agenda, 30 August 2016