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World Leaders Summit

My Lords, 10 years ago after the Asian financial crisis, the then Chancellor and now Prime Minister returned from a meeting of the G7 indicating that what was needed was an expansion of the Financial Stability Forum, the introduction of international financial standards and codes, greater transparency, early warning systems for the International Monetary Fund, and a more central role for the G20 because the G7 was somehow insufficient to deal with problems of this nature. Is that not exactly what is being proposed, 10 years later, and is not one of the problems that this action should have been taken then? The system might have been in better shape to withstand the storms that have now come.