The aftermath of the Lehman Brothers’ collapse saw this financial crisis spreading across the globe. In November last year, therefore, the Heads of State or Government of the G20 countries met in Washington to step up international cooperation to address the ongoing crisis.
They agreed not only on urgent actions to restore global growth and stabilise financial markets, but launched a major reform agenda to strengthen financial markets and regulatory regimes so as to avoid such crises in the future. The process continued at the recent G20 leaders’ meeting in London in April this year.