...have the gold.
U.S. presence is the 800lb. gorilla in all international rule-setting summits.
(from an FT article)
By Tom Braithwaite
Published: April 25 2010
The US is preparing to pivot from domestic regulatory reform to a push
for a tough new international capital regime after the weekend’s G20
and International Monetary Fund meetings glossed over differences
between leading economies.
Tim Geithner, US Treasury secretary, met Mario Draghi, chairman of the
Financial Stability Board, on Sunday to discuss the contours of a
system that would decide the safety and profitability of banks for
decades to come and could eclipse the arguments over bank taxes and
regulation.
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