G20 finance ministers agree to global economic regulations…(Here Is Your “New World Order, Kiddies!)
By Agence France-Presse
Saturday, October 23rd, 2010
G20 finance ministers Saturday agreed tougher rules for big financial firms blamed for the global economic crisis as they tackled the problem of companies deemed “too big to fail”.
After a two-day meeting in South Korea, G20 ministers and central bankers said in a statement that the 2008-09 crisis laid bare the need for global cooperation on banking regulation.
“We are committed to take action at the national and international level to raise standards, so that our national authorities implement global standards consistently, in a way that ensures a level playing field and avoids fragmentation of markets, protectionism and regulatory arbitrage,” they said.
The rules, known as Basel III, will raise the minimum capital reserves that banks must hold as insurance against any new financial tumult.
The rules, announced in September by the Basel Committee on Banking Supervision, will be phased in over several years starting in 2013. They will be formally adopted by G20 leaders at a Seoul summit next month.