Several things in that article... Expansion of G7 - maybe just having the G20 - makes sense. IMF centralized banking regulations... difficult issue. There needs to be some provisions for how to do revising of the new standards, regulations - they must be seen as improving trust, security and also reflect democratic values - not be corruptible. That is difficult or at least complex. A good thing is that it comes on the basis of negotiations and not strong-arming as earlier. Transparency and neutral auditing helps - even if anonymizing data to protect privacy.
This is garbage, its just more stealth regulation for the Europeans to hinder our industries, I am sure there will be a requirement for all Financials to go green and contribute to some garbage global warming fund by 2012 How come the more regulations we get and yet will still have the same panics we had 200 years ago. Our world by 2050 will have a lawyer and bureaucrat gap.