Gordon Brown says at the end of the G20 summit in London:
The old Washington consensus is over. Today we have reached a new consensus that we take global action together to deal with the problems we face, that we will do what is necessary to restore growth and jobs, that we will take essential action to rebuild confidence and trust in our financial system and to prevent a crisis such as this ever happening again.
There are no quick fixes but with the six pledges we make today we can shorten the recession and we can save jobs.First of all for the first time we have come together to set principles to reform the global banking system. This is a comprehensive programme of measures that includes for the first time bringing the shadow banking system, including hedge funds, within the global regulatory net.
We have agreed that international accounting standards will have to be set. We will regulate credit rating agencies in order to remove their conflicts of interest.
We have agreed that there will be an end to tax havens that do not transfer information on request. The banking secrecy of the past must come to an end. The Organization for Economic Cooperation and Development are this afternoon publishing a list of tax havens that are non-compliant and where action must immediately be taken.
And we have agreed tough standards and sanctions for use against those who don't come into line in the future.
We will create a new Financial Stability Board to ensure cooperation across frontiers and to spot risks to the economy and together with the International Monetary Fund provide the early warning mechanism that this new global economy needs.
We will complete the implementation of international colleges of supervisors of financial institutions and we will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure. We want to encourage corporate responsibility.