The Group of 20: Too Big to Succeed?

The G-20 synchronized monetary and fiscal policies during the financial crisis. As its meeting on Apr. 23 showed, coming up with policies to avert the next one will be tougher. On June 26-27, the G-20 will hold a summit in Toronto that will take up financial regulatory reform. Here's a guide to the issues that divide them.

Hedge Funds

The EU aims to more tightly regulate hedge funds and may require U.S. funds to register if they want to operate in its markets. The U.S. objects.

Capital Ratios

The U.S. and U.K. want banks to hold far more capital in reserve; Germany, France, and Japan prefer letting banks gauge their own risk exposure.

Bank Tax

Canada is resisting a push by the U.S., Germany, and U.K. to tax banks to fund future bailouts, arguing it is punitive and might encourage recklessness.

Yuan Devaluation

The U.S., Brazil, and India want Beijing to revalue the yuan, which they argue is undervalued and gives China an unfair edge in global trade.

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