It must be clear for those who engage in risky activities that they will be held accountable if these risks materialise. There are already some important initiatives that provide some guidance for consistent regulatory standards on an international basis: •  The G20 has approved a set of international standards and codes for a sound regulatory framework. However, implementation is lagging behind.
The G20 should be given credit for being the place where global governance could be effective. The G20 is called to be essential, appropriately enlightened by the IMF, because we need to have both as good analytical presentations and diagnosis and the peer pressure of the G20.