Alexandra Frean in Pittsburgh
Banks will be required, under rules agreed at the G20 summit, to set aside much larger capital reserves by 2012 to minimise the need for future bailouts, but it will be left to individual national regulators to set their own capital requirements.
While thin on detail, the agreement announced at the end of the G20 meeting in Pittsburgh last night cements a global compact of international co-operation and marks the emergence of a new, and still fragile, economic order.
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