I never expect much to come from these meetings, but they keep having them so I'll keep mentioning them:
This week, the White House is expected to lay out a new regulatory plan aimed at curbing the excess of borrowing and risk-taking that is widely blamed for contributing to the crisis, with new rules aimed at markets in the United States as well as overseas.
Like the United States, other large industrialized nations are also pushing for common rules on transparency, borrowing practices and other measures to better regulate the financial system. Taking the name from the Italian town where Saturday’s meeting was held, the ministers adopted what they called the Lecce Framework, identifying areas where they hope to achieve consensus on improving regulation of the international finance system.
One change from the G-20 meetings a few month back: regulatory proposals are being made by the U.S. rather than the E.U. I still don't expect much regulatory harmonization, but if it going to happen it will have to originate in the U.S.
I read the article in the context of this quote from Cowen:
Better regulation comes through many years of experience and gradual process improvements, built upon some reasonable methods for imposing regulatory accountability. That's how the FDIC got to be good at much of what it does. Better regulation does not come from sitting down, waving a wand, and hoping that a new name or box will address the problem you are concerned about. Keep that in mind next time you hear that "now is the unique moment," etc.