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Don’t bank on global reform

When Lehman crashed, world leaders vowed to change the system. Why haven't they?

By Howard Davies   September 2010

Seeing red: protestors threw paint at UBS bank in Zurich in 2009. But promises to overhaul the international system have not been met

Two years ago, in the wake of the Lehman collapse, world leaders huddled together for warmth as they stared into the abyss of a financial market meltdown. A G20 summit was quickly convened in Washington, in the dog days of the Bush presidency. That was hastily followed by another in London hosted by—what was that fellow’s name, the one who saved the world?

International agreement on a host of financial reforms seemed likely. The G20, which includes…

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