Bad banking practices around many parts of the world were behind the financial explosion in 2008, which sent the world economy skidding to its deepest recession since World War II. Britain’s Osborne said it was important to swiftly complete work to make sure that no bank is too big to fail.
‘‘We must put regimes in place ... to deal with failing banks and to protect taxpayers and to do so in a globally consistent manner,’’ he said.
Mario Draghi, the president of the European Central Bank, said the bank was working out what it can do to make sure banks lend more. Though banks have managed to reduce their debt and bolster their capital reserves and have benefited from liquidity offers from the ECB, lending remains stuck at relatively low levels — particularly to smaller and medium sized enterprises.
‘‘There wasn’t any call to do more really,’’ Draghi said, a day after Britain’s Osborne indicated there would be discussions on the role of the world’s central banks in shoring up global growth.
Osborne also said it was important to tackle tax avoidance and evasion, and said some of the U.K.’s offshore dependencies are working to make sure they follow the spirit of new international standards.
‘‘Today, we all agree on the importance of collective action to tackle tax avoidance and evasion,’’ he said. ‘‘We are absolutely determined to make progress this year .... It is vital that both developed and developing countries collect the tax that is due to them.’’