G-20 financial regulation reforms: state of implementation and the effects ten years after the global financial crisis

Ten years after the 2007-08 global financial crisis, this paper examines the implementation of the G-20 financial reforms in the main regulatory areas and jurisdictions. The analysis includes banks, insurance companies, derivatives markets and non-bank financial intermediation. Notwithstanding the progress made, which has improved the resilience of the global financial system, some sources of concern remain: the implementation of reforms is still uneven across areas and jurisdictions; there are regulatory interventions still to be completed, above all in non-banking sectors, and others to be implemented at the domestic level. The global financial system may be exposed to risks, such as markets fragmentation, regulatory arbitrages and the volatility of cross-border financial flows. At international level there should be consensus on the need to complete the regulatory reforms in all sectors of financial intermediation and to implement them consistently and in a timely way. For these reasons, the implementation should increasingly become a priority for the G-20 and for the Italian Presidency in 2021.