Mark Carney's letter to the G20 in Hamburg reports on the extensive work the Financial Services Board has led to strengthen the financial system in the wake of the 2007/09 crisis. As this summary indicates, it's a positive report, though later on there is a significant section on work still to do.
As ever, we won't really know how successful these reforms have been until they are properly stressed by the next potential crisis, which will inevitably take a different form from the last.
Through this lens, banks' holding more capital is already positive for future stability but arrangements for resolution of failed banks have yet to be credibly tested. Individual accountability is another area where we must wait and see.
One of the wider questions the letter raises, implicitly, is how an essentially global framework can thrive in a period when international consensus is under pressure. Our own Brexit negotiations will be only one of the several tests it faces.
G20 reforms are building a safer, simpler, fairer financial system. Banks are considerably stronger, more liquid and more focused. A series of measures is eliminating the toxic forms of shadow banking and transforming it into resilient market-based finance. Reforms to the over-the-counter (OTC) derivatives markets are replacing a complex and dangerous web of exposures with a more transparent and robust system.