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We agreed the G7 should focus on, in today’s discussions we moved onto the policy priorities where we believed a discussion at the G7 was most important. Nowhere is that more so than on banking, with the G7 accounting for three-quarters of the world’s globally systemic banks. So we reaffirmed our commitment to the faithful implementation of the G20 agenda for financial regulation. It is important to complete, swiftly, our work, to ensure that no banks are too big to fail. We must put regimes in place in each of our jurisdictions to deal with failing banks and to protect taxpayers, and to do so in a globally-consistent manner.
It is also important that we push ahead with work to ensure a consistent implementation of reforms to derivatives and shadow banking. We also agreed on the need for structural reforms to boost competitiveness and growth, including new trade agreements and measures to raise employment.
Finally, we discussed the need to ensure that international tax rules are fit for the modern global economy. For Britain, I am committed to a competitive tax system that promotes growth, but I’m also determined that tax that is owed must be paid. That is why we’ve made this a priority for our parallel presidency of the G8, and today we all agreed on the importance of collective action to tackle tax avoidance and evasion.