Once again, the G20 summit, which has just ended, highlighted the need to take coordinated action in face of the current crisis. The initial dissensions between the Anglo-American countries and Japan, which were seeking additional measures to boost demand, and the Old Continent, which was appealing for more regulation, were finally smoothed over.

An additional 1100 billion: the tripling of resources for the IMF (International Monetary Fund) to USD 750 billion was announced, as was a supplemental loan of 100 billion for African and Asian Development banks, and 250 billion in support for global trade. These measures are intended essentially for emerging countries.

Regulation given pride of place: the most highly detailed measures were those involving the supervision of the international financial system and policies designed to discourage excessive risk-taking. A Financial Stability Board was set up. Its mission will be to oversee the revamping of financial risk assessment, and to implement new measures. It will work in association with the IMF, whose governance structure is also in the process of being revised.

Strong symbolic messages: hedge fund control was specifically cited by name, as were "unacceptable practices" by credit rating agencies. And tighter controls on compensation will be set in place for banks.  A number of tax havens located outside the G20 countries were blacklisted. In the words of a final declaration: "The era of banking secrecy is over," in an allusion to an OECD list of "non-co-operative jurisdictions".

Yet again, toxic assets: the G20 also raised the issue of the need to set "high quality accounting standards" for evaluating assets. This was a means of preparing the terrain for allowing for more flexible accounting rules for toxic assets, whose illiquidity has weighed heavily on banks' balance sheets. .

Finally, the summit in London established the G20's role as an international institution. Another meeting will be held in New York, in September.