2010 Seoul Summit And Future Of Financial Supervisory Board (FSB) As The Fourth Pillar

G-20 schedules Seoul Summit in Nov. 2010 two years after Nov. 14-15, 2008 Washington Summit adopted five principles and 26 action items. The most significant action item to be completed by March 2009 was to reinvent the FSF with expanded membership as the FSB - the focal arena to find solutions to the crisis. It was accomplished through the charter at the Plenary Meeting in Jun. 2009. However, all the other pending matters were not moved forward as desired. London, Pittsburgh and Toronto Summits repeat the same story: the systematic risks needed to be worked out; new accounting standards needed to be established; macro-prudential policies needed to be monitored; early warning exercises needed to be developed; international cooperation and coordination needed to be expedited, etc.