Over the past five years, FSB members have agreed and are implementing a broad range of policy reforms that address the major fault lines that caused the crisis. We are building more resilient financial institutions and markets, using substantially strengthened common international standards that have been designed to be applicable to different national circumstances. We are addressing the problem of too-big-to-fail. At the same time, we are working to prevent regulatory arbitrage - through which tightening regulation in one sector or region is simply followed by the migration of risky activity elsewhere - and have committed to ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. We are building a framework for robust market-based finance that will promote continuously functioning markets.

By reducing the risk of future financial crises and the consequences of financial instability for the real economy, these reforms are an essential contribution to the G20's primary objective of strong, sustainable and balanced growth.