As Chair of the G-20 in 2009 the UK, working closely with Brazil and Korea 2008 and 2010 Chairs respectively, has established four working groups to advance this work for the next Leaders Summit on 2 April in London. Each working group is co-chaired by two senior officials from the G-20, one from a developed and one from an emerging market economy. Each G-20 country is represented on each working group. Experts from relevant international financial institutions, standard setting bodies, non G-20 countries, business and academia have also been invited by co-chairs to input into the work of the groups.

Working Group 1 - Enhancing sound regulation and strengthening transparency

This group will monitor implementation of actions already identified and make further recommendations to strengthen international standards in the areas of accounting and disclosure, prudential oversight and risk management.  It will also develop policy recommendations to dampen cyclical forces in the financial system and to address issues around the scope and consistency of regulatory regimes.

Co-chairs:  Rakesh Mohan, Deputy Governor of the Reserve Bank of India, and Tiff Macklem, Associate Deputy Minister, Canadian Ministry of Finance

Working Group 2 - Reinforcing international co-operation and promoting integrity in financial markets

This working group will monitor actions and develop proposals to enhance international co-operation in the regulation and oversight of international institutions and financial markets, strengthen the management and resolution of cross-border financial crises, protect the global financial system from illicit activities and non-co-operative jurisdictions, strengthen collaboration between international bodies, and monitor expansion of their membership.

Co-chairs: Alejandro Werner, Deputy Minister of Finance Mexican Ministry of Finance, and Jorg Asmussen, State Secretary in the German Federal Ministry of Finance

Working Group 3 - Reforming the IMF

This working group will look at the role, governance and resource requirements of the IMF.  It will review the appropriateness of the IMFs lending instruments and the effectiveness of its surveillance function, and will consider the sufficiency of its resources, and its general arrangements and accountability; and will look at the issue of reform of the governance structure so that it more adequately reflect changing economic weights in the world economy.

Co-chairs: Lesetja Kganyago, Director General of the South African National Treasury, and Mike Callaghan, Special Envoy International Economy, Australian Treasury.

Working Group 4 - The World Bank and other multilateral development banks (MDBs)

This group will consider the mandates, governance, resourcing and policy instruments of the MDBs in light of the needs of their members and the pressures resulting from the impact of the downturn on developing countries.  It will also look at the issue of reform of the governance structures so that they more adequately reflect changing economic weights in the world economy.

Co-chairs: Anggito Abimanyu, Head of Fiscal Policy at the Indonesian Ministry of Finance, and Benoit Coeure, Head of Multilateral Affairs and Development Policy at the French Ministry of Finance

The Working Groups will report to Finance Ministers and Central Bank Governors when they meet on 14th March in the UK. 

In addition, G-20 Finance Ministry and Central Bank Deputies have agreed to take forward the work of establishing closer macroeconomic cooperation to restore growth in a broad range of countries, while avoiding negative spillovers.

[Source: www.g20.org]