First, the G-20 Working Group on Enhancing Sound Regulation and Strengthening Transparency was established in the lead-up to the London Summit to tackle weaknesses in the financial system that had been laid bare by the crisis. In a remarkably short period of time, our working group was able to achieve agreement among G-20 members on the broad directions of financial sector policy reform.
The recommendations in our report were adopted  2  BIS central bankers’ speeches  by G-20 leaders at the London Summit and set in train an ambitious financial reform agenda.1 I will come back to this in a moment.