The CBI said Mr Carney's "strong track record as the Canadian central bank governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times".

BBC: Mark Carney named new Bank of England governor

Compared with the glacial progress on initiatives to counter tax avoidance, international projects on financial crime and bank regulation have done rather well.

ECONOMIST: All together now

Since the Latin debt crisis of the 1980s, the emphasis has shifted to stabilising the international financial system which has meant, by and large, strengthening financial regulation.

ECONOMIST: Lenses of last resort

This is why there is no international standard on tax evasion or tax competition along the lines of international standards on bank regulation or fighting financial crime.

ECONOMIST: All together now | The

His boss, Chancellor Angela Merkel, has cited the crisis as proof that she was right at successive international meetings to demand tougher regulation of hedge funds and financial markets and that the Americans and British were wrong to resist it.

ECONOMIST: Europe and America

These issues include the state of the global economy, implementing the framework agreement for strong, sustainable and balanced growth, facilitating job creation, reforming the currency and financial regulation and supervision systems, stability on global energy markets, stimulating international development, strengthening multilateral trade, and countering corruption.

FORBES: Russia Rules G20 For First Time

It was (and is), for example, a chronic failure of international bank regulation that the debt of Italy, Spain, Germany and so on was classified by financial regulators as completely safe and without risk after monetary union - which gave an unhealthy incentive to banks to lend to these governments (in the jargon, the government bonds of these countries were given a zero risk-weighting).

BBC: The eurozone's borrowing costs may stay lethally high