G20 – Preventing the Next Financial and Debt Crisis

12 June 2015 – Civil society actors from around the world1 have contributed to this paper, which is
addressed to the G20 finance ministers, central bank governors and sherpas, and which will serve as a
platform for discussion with policy makers from the G20 during the Turkish G20 Presidency in 2015.
The necessity of completing the reform process
The 2009 G20 Summit raised hopes that substantial reforms would be undertaken to improve the regulation of financial markets, entities and instruments and establish regulations and oversight of Over the Counter trades. However, the political momentum that is required to agree on certain reforms and to implement other reforms that have already been agreed by G20 finance ministers and central bank governors is rapidly diminishing. Regulations put in place so far would not suffice to prevent another collapse of the financial system. Many critical reforms remain unfinished business, 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.
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