From the WSJ
To build a stronger global financial system, we have agreed to prioritize the following issues on the agenda for the Seoul Summit:
⢠Welcome and commit to fully implement within the agreed timeframe the new bank capital and liquidity framework drawn up by the Basel Committee and the Governors and Heads Of Supervision.
⢠Endorsement of the FSBâs recommendations to increase supervisory intensity and effectiveness.
⢠Endorsement of the policy framework, work processes and timelines proposed by the FSB to mitigate the risks posed by Systemically Important Financial Institutions and address the 'too big-to-fail' problems.
⢠Commitment to implement all aspects of the G20 financial regulation agenda, in an internationally consistent and non-discriminatory manner, including the commitments on OTC derivatives, compensation practices and accounting standards and FSB principles on reducing reliance on credit rating agencies.
⢠Further work on macro-prudential policy frameworks, including tools to help mitigate the impact of excessive capital flows; the reflection of the perspective of emerging market economies in financial regulatory reforms, including through increased outreach; commodity derivative markets; shadow banking; and market integrity.
⢠Pursue our work decisively to tackle Non-Cooperative Jurisdictions.
Central Planning 2.0 (Capitalist approach)