But there is no doubt that the summit's action plan includes a long list of financial sector dimensions to be addressed, including: accounting standards, hedge funds, risk disclosures, financial sector assessments, credit rating agencies, risk-management and stress-testing models, international standard setters, sanctions for misconduct, reporting to supervisors in different countries, and more.
If we want to strengthen the banking industry, we need regulation with varying standards based on complexity and risk, rather than the size of a financial institution.
Central bankers who make up the oversight body of the Basel Committee on Banking Supervision announced new capital standards for banks on Sunday, aimed at reducing the risk of another financial crisis that comes from a drying up of banks' liquidity.