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rbw/g20-should-continue-unfinished-agenda-financial-reform

G20 should continue unfinished agenda of financial reform

Rethinking Bretton Woods | Sun, Jun 28, 2015

In a statement addressed to the Group of 20, which is this year chaired by Turkey, civil society organizations formulated demands on the reform of the international financial and monetary system.

“Many critical reforms remain unfinished business,” the groups said, “including: Resolution and restructuring of too big-to-fail banks to prevent any public bailouts, addressing the risks of securities financing transactions, measures to prevent market disruption by high frequency trading, cross-border standardization of financial data reporting to enable regulatory surveillance, reducing reliance on credit rating agencies, and greening the financial markets.”

At the same time, they expressed concern with the pressure being placed on G20 Leaders to put the brake on financial regulation and, instead, focus on short term growth. “This stance is short-sighted and dangerous,” the statement said, as post-crisis regulatory reforms are generally focused on making individual banks, rather than the system as a whole, more resilient.

The statement is open for signatures. To submit your organization’s signature, please contact Aldo Caliari (acaliari@coc.org)

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