The Financial Stability Forum has been created to coordinate prudential rule-making. The FSF has the technical expertise and representation to formulate rules and guidelines for the financial sector, and G20 has the clout to put them in place.
It is now up to the various participants (including Australia, which is represented on both the FSF and the G20) to make sure that G20 becomes an effective forum for achieving consensus among a core group of countries. This battle is far from won.