G20 Studies Centre Workshop 12 July 2013: Financial regulation and the G20
Executive Summary
9 – 11 am, 12 July 2013, the Lowy Institute, Sydney.
Closed-door workshop hosted by the G20 Studies Centre, conducted under Chatham house rules.
Agenda:
The objective of the workshop was to have an informal discussion on ‘how should Australia approach the topic of financial regulation when it chairs the G20 in 2014?’
Financial regulation has been a core component of the G20 since the first leaders’ meeting in November 2008 and it has retained a prominent place in the communiqués of leaders and ministers. It is appropriate that the G20 continues to focus on financial regulation; while a properly functioning financial sector is crucial to economic growth, the financial sector is also likely to be a source of future crises.
Participants were invited to reflect on the following questions:
- Has the G20 done enough in its efforts to strengthen financial regulation?
- How can progress on financial sector reform be assessed when G20 leaders have never articulated what exactly they were trying to achieve beyond preventing another crisis?
- Is there a gap in the governance oversight of financial regulation?
- Has the FSB gone far enough or too far?
- Should a theme Australia pursues in the G20 in 2014 be to improve the oversight of efforts to strengthen financial regulation?
Participants in the discussion were:
Andrew Hodges | Department of Foreign Affairs & Trade |
Brendon Ferreira | NAB |
Carl Schwartz | Reserve Bank of Australia |
Charles Littrell | Australian Prudential Regulation Authority |
Prof. Charles Sampford | Institute for Ethics Governance and Law, United Nations University |
Christian Downie | Prime Minister & Cabinet |
Prof. David Gallagher | Centre for International Finance and Regulation |
Douglas Drummond | Prime Minister & Cabinet |
Prof. Fariborz Moshirian | Australian School of Business, UNSW |
Graham Hodges | ANZ |
Hugh Jorgensen | Lowy Institute |
Ian Beckett | Australian Treasury |
Melisande Waterford | Australian Prudential Regulation Authority |
Mike Callaghan | Lowy Institute |
Rana Williams | NAB |
Richard Gray | Westpac |
Prof. Ross Buckley | UNSW Faculty of Law |
Steven Bardy | Australian Securities & Investments Commission |
Stuart Scoular | PricewaterhouseCoopers |