G20 Studies Centre Workshop 12 July 2013: Financial regulation and the G20
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G20 Studies Centre Workshop 12 July 2013: Financial regulation and the G20

G20 Studies Centre Workshop 12 July 2013: Financial regulation and the G20
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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

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