In November 2008, just a few weeks after Lehman Brothers failed, the leaders of the G20 met in Washington D.C. In their meeting they took far-reaching decisions – not only to combat the current crisis but also to prevent future crises.
A central passage of their declaration was as follows: “We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances.” Today, more than five years later, we have made good progress.