G20 countries vow to avoid currency devaluations
‘One-size-fits-all’ approach to regulation not appropriate
Committee to concentrate efforts on implementation of Basel III
G20 representatives to meet in Washington, D.C.
Capital reforms will be presented to the G20 Leaders summit in November
Despite the difficulty of reaching consensus, multilateral financial reform is crucial
Uncertainty clouds China’s pledge to allow its currency to appreciate
Leaders agree on the need for financial regulatory reform, but are far from settled on what is required
New bank capital standards will be phased in by the end of 2012
No agreement on a plan to repair the world’s economy