This article assesses the performance of the G20 since the Global Financial Crisis by analysing the regulatory
measures it has called for and their current stage of implementation. It then proceeds to consider the changes in
the global financial system in the past 40 years and seeks to assess how adequate the G20’s measures have been as a response to these fundamental systemic changes. The article concludes that the G20 has met the first challenge far better than it has the second, and goes on to propose four measures that would be appropriately responsive to the massive systemic changes of the past 40 years.