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Reasons to be cheerful? British Prime Minister David Cameron and French President Nicolas Sarkozy share a joke at the G20 meeting in Toronto on June 27 2010. At the gathering, plans were put in place to overhaul banking regulation to prevent a repeat of the recent ďŹ nancial crisis and help speed economic recovery. There were agreements on a number of key points, such as compelling banks to hold more Tier 1 capital, increasing transparency and a commitment to the complete adoption of Basel II. However, criticisms have been levelled that the meeting didn’t go far enough, particularly in allowing different countries to effectively set their own timetables for complying with the rules.
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