G-20 finance ministers agree in principle on next steps

09/7/2009 | BBC · Reuters · Financial Times (tiered subscription model)

Finance ministers from the Group of 20 nations agreed in principle to move forward with plans to overhaul the financial regulatory framework and to continue stimulus efforts. Three main points were agreed upon: Banks need to boost capital, "living wills" should be developed for systemically important financial institutions and banks should be required to retain a percentage of the asset-backed securities they originate. While officials were striving to develop a framework to ensure the G-20 summit in the U.S. later this month is successful, they still differ on a number of issues.

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