In Washington on 15 November 2008, leaders of G20 countries agreed an action plan to fundamentally reform the way the financial system is supervised around the world, to make it more robust and prevent such a crisis happening again.

Work to take forward this action plan was mandated to G20 Finance Ministers and we have committed to delivering significant progress by the next Leaders' Summit.

Finance Ministers of the G20 now need to take forward work to deliver the 47 points in the Action Plan from the Washington Summit communiqué.

We propose to do so through four working groups:

• Enhancing sound regulation and strengthening transparency
• Reinforcing international cooperation and promoting integrity in financial markets
• Reforming the IMF
• Reforming the World Bank and multilateral development banks (MDBs).