This paper examines the state of implementation of the G-20 financial reforms - finalized after the 2007-08 crisis - in the main regulatory areas and across jurisdictions at global level. The analysis includes banks, insurance companies, derivatives markets and non-bank financial intermediation. The aim is to examine the issues still open ten years after the crisis, also in view of the next steps at G-20 level on the reforms and their effects.
The analysis shows that after ten years, the implementation of reforms remains uneven across areas and jurisdictions. The global financial system may be exposed to risks, such as markets fragmentation, regulatory arbitrages and the volatility of cross-border financial flows, which could reduce stability and resilience across the borders. For these reasons, the implementation of reforms should increasingly become a priority for the G-20 and a key issue for the Italian Presidency in 2021.