The tightening of bank regulation under Basel III, for example, would hardly have been imaginable without the political support of the G20. It’s now all the more important that these achievements are not given up. 4/6  BIS central bankers' speeches  Open markets and a competitive economic system are the pillars on which the prosperity of our economies rests.
A greater variety of inexpensive and good-quality products are available on open markets, and this increases citizens’ purchasing power. In this way, free trade and competition result in a quantifiable increase in prosperity, particularly for those who have to consider their spending carefully. Moreover, spurred by international competition, industries are more innovative and new ideas are spread more rapidly.