London, 2 Apr. - From the G20 in London, a "new world order" is emerging. So announced the British Prime Minister, Gordon Brown, to a press conference. "First of all, for the first time, we have together fixed the principles for a reform of the global banking system," Brown said, "This is a vast programme of measures which for the first time brings the shadow banking system, including hedge funds, within the network of global reglulation. We have agreed on the need to set international accountancy standards, we shall set rules for the rating agencies to eliminate conflicts of interest; we have arrived at an agreement to put an end to tax havens which do not supply information upon request. This is the beginning of the end for tax havens".

Gordon Brown will enter talks with China today to see if it would be willing to commit extra funds to fighting a world recession in return for greater voting powers on multilateral institutions, including the IMF and World Bank.

Brown will hold talks with Hu Jintao, China's president, following discussions with Barack Obama, amid signs that developing countries see the G20 summit as a chance to impose a new world order and end the era of Anglo-European dominance

15. To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. We have today also issued a Declaration, Strengthening the Financial System. In particular we agree:

• to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission;

• to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms.

The new Financial Stability Board could be seen as an embryonic global watchdog – or as another slow-moving collection of regulators. The attack on "rewards for failure" comes straight from the court of world public opinion, although as usual there are few specifics. Tax havens also come under attack but what the "sanctions" primed by the G20 will be remain to be seen.