Post-2008 financial crisis reforms
Following the 2008 financial crisis, the G20 committed to fundamental reform of the global financial system given the significant economic and social damage that it caused. The objectives were to correct the fault lines that led to the global crisis and to build safer, more resilient sources of finance to better the needs of the real economy. The G20 called on the FSB to develop and coordinate a comprehensive framework for global regulation and oversight of what is now a global financial system.
By reducing the risk of future financial crises and the consequences of financial instability for the real economy, these reforms were an essential contribution to the G20’s primary objective of strong, sustainable and balanced growth. The priority reforms areas are set out below.