Bold Words Require Bold Actions

Last week, the U.S. hosted a meeting of the G-7 finance ministers in Washington D.C. to discuss the current financial crisis.  In the meeting, Treasury Secretary Tim Geithner and the other ministers committed to addressing the recommendations from the recent G-20 Summit in London.  Here is what they had to say.

We also discussed regulatory reform in our countries and at the international level and will implement swiftly the commitments made in London.  We underscored the imperative of: strengthening our national efforts to address systemic risks; extending the perimeter of regulation to include all systemically important institutions, markets, and instruments; ensuring sound regulation, adequate capitalization of financial institutions, and strengthened risk management practices; enhancing transparency; reinforcing international collaboration; improving accounting standards on valuation and provisioning; and bolstering market integrity. 

These are certainly bold words and time will tell if they are met with bold actions.  For the sake of the world economy, let's hope so.