In addition, from the end of this year Australia will have responsibility for chairing the G20 for a year, and financial reform and regulation have been prominent on the G20’s agenda in recent years. So Australia’s political leadership will have some responsibility for shaping, for a brief period, the oversight of the process.
It is worth starting to think about how this might be done. As a “global citizen”, Australia has the responsibilities and rights of that “citizenship”. The responsibilities are to uphold and play by the rules that are globally agreed, which include implementing global standards in regulation and oversight, and encouraging others to do so.