There is little dispute among the G20 leaders that a global failure of regulators helped cause the financial and economic crisis. Excessive borrowing by banks, the explosive growth of hedge funds and a bonus culture that offered big rewards for short-term profits have all been singled out for blame.
However, as the leaders assemble in London's ExCel Centre for the one-day summit, there's little sign of consensus on what a new system of financial regulation looks like.
French President Nicolas Sarkozy has been the most ardent advocate of putting financial regulation at the very top of the G20 agenda. While the governments of US President Barack Obama and Prime Minister Gordon Brown have each put forward plans to overhaul the regulation of financial services, reaching a consensus that can be enforced effectively will be far from straightforward. These are the issues that need grappling with.
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