Dear G-20, do the photo-ops but don't forget these principles!

At this Friday’s summit in Pittsburgh, the G-20 leaders will engage in the usual mix of photo ops, gourmet luncheons, backslapping and some real work. They and the world would be better off if this ‘real work’ of reforming the world financial system was informed by some sound principles.

In a debate that has bordered on being shallow and shrill, approaching regulation with a view to increasing the competitiveness, diversity and fairness of the financial system at the same time as reducing its complexity would be the only sensible route to take.