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The series of G-20 Summits in 2009 revealed a welcome and promising consensus on the policies and governance structures required to reform the global banking system. Better "Macro-prudential" supervision will be facilitated by enhanced roles for the Washington-based International Monetary Fund (IMF), and by a strengthened mandate and expansion of the Basel-based Financial Stability Board (FSB) to include all G-20 countries, Spain, and the European Commission. There are also numerous references in supporting documents to "More intensive collaboration" among supervisory agencies, both to agree upon detailed rules and to improve the effectiveness of "Supervisory colleges" for large financial institutions.
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