The G20* is meeting this coming week in the U.S.and guess what's on the agenda? Try international banking reform.
The EU leaders are expected to make a push for reform of the global financial architecture as they seek a coordinated strategy to phase out the stimulus measures.
"The G20 will probably commit to agreeing to binding rules for financial institutions.
Their goal is to implement coordinated policy measures in order to develop the basis for sustainable growth and to avoid a repetition of the present financial crisis.
It looks like all countries are going to have to agree on major banking and financial institutional changes, like it or not. We are in a global economy and the foundations of the present global crisis originated in the U.S. and spread to many nations world-wide.
Washington will have to embrace the "reforms." Anticipate major changes in our U.S. banking laws, rules and regulations.
There is an old saying: "When banks catch cold, real estate gets pneumonia". Now the banks have pneumonia and real estate is very, very ill.
The cure may be painful but is necessary.
Bill McInerney
* The G-20 was established in 1999 to bring about systemically important industrialized and developing economises to discuss key issues in global economy.
Members are Argentina, Australia, Brazil,Canada, China, France, Germany,India, Indonesia,Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the USA. While it is an informal body it does have political clout.
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