Downing Street Says » G20 Letter

» Tuesday, March 30, 2010

G20 Letter

Asked if the Prime Minister had sent a joint letter with Heads and former Heads of the G20, the PMS replied that it was a letter written by the current, former and future Heads of the G20. The PMS said that in the letter, the leaders were emphasising the need to implement the commitments to ensure strong macro-economic policy, cooperation and to continue regulatory reform.

The PMS said that this was about re-committing the G20 nations to deliver on the ambitious reform agenda set out both in London and Pittsburgh.

Asked if the letter mentioned a global bank levy, the PMS said that they talked about the continued focus on the regulation of banks and moving forward together to develop international rules on the contents of bank balance sheets to ensure banks were able to cover the risks they took. The letter also mentioned greater transparency, addressing the bonus practises within financial firms and creating a framework to address the supervision and where necessary, the contained resolution of cross-border financial institutions.

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G20 Letter

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