the papers that i have read today and this blog piece by Robert Peston all agree that the G20 has been something of a triumph for global co-ordination. Yes, the bankers bonus' make the line in the news, but commentators seem happy with the new proposed rule on capital regulation.
This is the idea that banks have to hold more capital to cover potential risk losses and that they must have lower leverage as a result. This should make banking boring.
The downside to this analysis is what I would expect from Financial analysts; in that they miss the politics. Why will France and Germany ruin their banks and ecnomies now when they see the problem as Anglo-Saxon capitalism. France and Germany already have higher public debt ratios than the UK and US.
There is not a chance this will be agreed to in its current form, whatever proclamations are made by G20 finance ministers. Global regulation will have to wait and in the meantime national governments are going to make up their own rules on banking.