The decisions of G-20 are opening markets futher, regulating and evaluating financial institutions, curbing salary packages of the CEOs, review the credibility of credit rating institutions and evaluating the global accounting standards etc…Is it not right time to renovate and revamp the gloabl financial institutions and systems to create a new economic world order…let’s think it over, innumerable solutions awaiting to seize the opportunity of recession…
International Labor Organisation predicting 210 million jobs could be lost next year,
it would further open the global economy to trade, and therefore greater growth and jobs.
The measures included regulating areas of the financial markets that exacerbated the crisis, improving transparency and accountability, evaluating global accounting standards and in-principle support for curbing the vast salary packages of the highest-paid financial executives. Prudently, the leaders agreed to review the credit ratings agencies and the accuracy of their assessments of the reliability of financial institutions.
“intensified international co-operation among regulators, and the strengthening of international standards”.
“regulation is first and foremost the responsibility of national regulators”
“We recognise these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems,”