— Robin Shepherd is Director, International Affairs at the Henry Jackson Society. His areas of expertise are transatlantic relations, American foreign policy, Middle Eastern relations with the West, Russia, eastern Europe, NATO and the European Union. The views expressed are his own. —
The Great Debate
UK Prime Minister Gordon Brown’s call today for a new G20 charter of principles on financial regulation reflects an emerging consensus among policymakers that, once the immediate crisis has passed, the regulatory framework must be fundamentally redesigned.
The G20 summit must be considered a disappointing failure, even by the relatively low expectations set for the event. Leaders produced a long agenda of further studies, reports and work, but failed to provide a clear direction or tackle even the most fundamental decisions.