Whew! Now we can all take a breather from all this arcane financial regulation talk.

Not quite.

When in the fall of 2008 the G20 was elevated from a quiet gathering of finance ministers to summit status including heads-of-state, it was believed that the authority of political leaders could quickly achieve what had never been quickly achieved before: global standards for financial institutions and cross-border transactions.

This weekend’s G20 meeting in Toronto starts the clock on that effort now that President Obama will arrive with financial regulatory overhaul legislation in hand with which to bludgeon other nations into common action.

Read the full post and other writing from Tony Fratto at the Roosevelt Room.