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World Leaders Summit

My Lords, it was made clear at the weekend that while there must be concerted and, where appropriate, co-ordinated action, each country must do whatever is deemed necessary for itself. I am sure that each country will look at these problems through its own spectacles, as it were. On the matter of derivatives, I am sure that the noble Lord is right to say that peer pressure will have an effect on that market, but it is also clear that some regulatory pressure needs to be applied. I would guess that the proposed international college of regulators will have something to do with policing the derivatives market.