The G7 plus the major emerging countries met in Washington DC ion 11-15 November in order to discuss the global financial crisis. It seems however that developments will be anticipated after Barack Obama takes office. Nonetheless interesting points were raised such as the EU considering the need for a new Bretton Woods plan. In any case all parties are identifying the need for transparency and regulation. The issue is how this is going to materialize considering US’s hesitation towards regulation (although the paradox of SarbOx that was considered as a deterrent for the US capital markets compared to more relaxed regulation in Europe).
It’ll be interesting to see the outcome of these discussions as well as the power struggle with emerging economies such as India, China and Brazil who are making their presence more evident. Is this end of a new era and is there a need for a global regulator?