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The report addresses flaws in the global financial system and includes 18 sets of recommendations. The general approach is to strengthen the oversight and stability of systemically important institutions that serve the needs of individuals, businesses and governments and that are largely responsible for maintaining the market infrastructure.
The Report focuses on how the financial system might reasonably be organized once the present crisis has passed, to better assure a reasonable degree of stability. A consensus on the desirable and lasting elements of a reformed system can be useful, and even necessary, to speed restoration of confidence in sturdy, competitive, and efficient financial arrangements serving both national and international markets, the report notes.
The report addresses:
Ø The policy issues related to redefining the scope and boundaries of prudential regulation;
Ø Reforming the structure of prudential regulation, including the role of central banks, the implications for the workings of “lender-of-last-resort” facilities and other elements of the official “safety net,” and the need for greater international co-ordination;
Ø Improving governance, risk management, regulatory policies, and accounting practices and standards; and
Ø Improvements in transparency and financial infrastructure arrangements.
The full report and further information can be retained on the www.group30.org website.