The Greek crisis has scarcely improved their image

The subjects that...

The regulation of over-the-counter markets

Sentenced for opacity and systemic risks they involve, traded OTC credit derivatives markets are still subject of intense debate and share across the Atlantic. Both houses of Congress always think about the list of financial instruments covered by the obligation to go through a clearing house, only tool capable of preventing a financial explosion as it was known in 2008, according to the authorities. Debates have courses in Europe, where the idea of a single clearing for derivatives denominated in Euro House is a broad consensus.

The supervision of rating agencies

In the collective spirit, they wear a donkey bonnet after they have been unable to assess accurately the "rotten" financial products which undermined the accounts of the largest financial institutions. The Greek crisis has scarcely improved their image. The European Union adopted in December 2009 a regulation that forces them to register with the national authorities of market and say more about their methods of scoring. Similar measures have been taken in the United States. Several European officials expressed favourable to the creation of a European rating agency, without specifying the terms and conditions or the business model.

Tax havens

"Vigorously" pursue the fight against tax havens. It is still one of the keys to the claims of the France and the Germany. After a first step was to threaten the non-cooperative countries of financial sanctions, it is time to define these "proportionate and coordinated sanctions against financial places with deficiencies for the exchange of tax information, money laundering and financing of terrorism". Two years number of exchange agreements have been concluded with non-cooperative countries and the initial black list of the OECD empty estdésormais. Must ensure that these agreements will be well respected.

The bonus

Meeting in Pittsburgh in September, the G20 had adopted principles intended to limit the risks connected with methods of remuneration in the financial sector. These standards, according to the financial stability Board (CSF), are not applied everywhere in a homogeneous way. Some Japanese banks or us are thus shown the finger (see page 39). The CSF will be invited to observe the principles of Pittsburgh. Thus, the principle of sanctions against failed financial institutions will be considered.

The subjects of differences...

Systemic Bank tax

The Germany, Great Britain and the France announced the coordinated implementation of a tax on banks as early as next year. They propose that this fee be fixed in proportion of the risks to which banks "expose the financial system and the economy in General". According to its terms and conditions and the weight of the financial sector in the national economy, the tax would bring between several hundreds of millions of euros for the France and 2.4 billion for Britain. The allocation of these funds is to define, Berlin and Brussels defending their sanctuary in a systemic Fund, while Paris and London prefer to assign them to their budget. Despite the voluntarism of its promoters, this initiative is unlikely to be adopted by the g-20.

Accounting standards

Topic technical but fundamental accounting standards are at the heart of the concerns of the g-20. According to the commitments made, they must converge by 2011. Recent publications of the FASB, the body responsible for preparing the US accounting standards, depart yet dangerously proposals enacted by its European counterpart, the IASB. A stumbling block in particular point: the methods of accounting for financial instruments.