“We reiterate our commitment to support the timely, full and consistent implementation and finalisation of the agreed G20 financial sector reform agenda."
In a statement issued following a two-day meeting in Baden-Baden, finance chiefs of the Group of 20 nations renewed their pledge to finalize the Basel III overhaul of global banking standards. The G-20 urged the Basel Committee on Banking Supervision (BIS) to finalize the Basel III reforms “without further significantly increasing overall capital requirements” from those previously proposed.
After missing its 2016 year-end deadline for finalizing the Basel III framework, BIS has not provided a new timeframe for finishing its work on the latest Basel accord. “Those who weighed in expressed the will that these negotiations resume swiftly and can be concluded,” Bundesbank President Jens Weidmann said at a news conference on March 18 in Baden-Baden following the G-20 meeting.
The finance ministers also said that the G-20 would be paying close attention to the "implementation and effects of reforms to ensure their consistency with [the G-20’s] overall objectives, including by addressing any material unintended consequences.”
In addition, for their July 7-8, 2017 meeting, the G-20 leaders asked for some progress updates and policy reports from the Financial Stability Board (FSB), including:
- policy recommendations to address structural vulnerabilities from asset management activities;
- an assessment of the adequacy of the monitoring and policy tools available to address shadow banking risks and whether there is a need for any further policy attention;
- a comprehensive review of the implementation and effects of the reforms to over-the- counter (OTC) derivatives markets;
- guidance to enhance the resilience, recovery, and resolvability of Central Counterparties (CCPs); and
- a structured framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms.
The full G20 communique released on March 18, 2017 from Baden-Baden, Germany is available via http://news.forexlive.com/!/full-text-of-the-g20-statement-from-baden-baden-20170318