The G20 will meet in Brisbane in November and hopes that this summit will be the last meeting where the financial services regulatory reform agenda will have a front row seat. The number one item on the agenda for the G20 is strategies to stimulate growth, focusing on investment in infrastructure, trade, competition and employment, i.e. jobs and growth.
As the G20 shifts its attention from fixing the problems of the last financial crisis to jobs and growth, the Brisbane Summit provides an opportune moment for policy-makers to reflect upon two key questions for regulatory reform: how can we maximize the contribution of the financial sector to jobs and growth, and has the regulatory reform agenda gone too far? The world economy may have stabilized, but it remains fragile.
It is important for the G20 to recognize the contribution that the financial services sector can make to achieve its objective of jobs and growth through lending, investment, capital markets, insurance, fund management, payment and settlement systems and risk management.
We do not have all the answers here, but believe it is important to debate the subject, on which there will be many views. To foster the debate, we propose the G20 and regulators should be brave and bold in: