The final communiqué from the meeting of finance ministers and central bank governors of the Group of 20 in Sydney over the weekend suggests there will be no backsliding on the regulatory reform priorities of recent years.In its communiqué the G20 said this year it would be "focusing efforts on substantially completing by the Brisbane summit key aspects of the core reforms we set out in response to the global financial crisis."Pre-marketing by the Australian hosts last week indicated there might be disputes emerging over banking rules.Instead the G20 reiterated support for "building resilient financial institutions; ending too-big-to-fail; addressing shadow banking risks; and making derivatives markets safer." "We will implement these reforms in a way that promotes an integrated global financial system, reduces harmful fragmentation and avoids unintended costs for business."Two follow up interviews given by Mark Carney, who is head of the Bank of England and also chair of the Financial Stability Board, made clear that the industry must wear the costs of reversing the notion of "too big to fail."''Banks went into the financial crisis carrying de minimis levels of capital - for example, less than two percentage points relative to their risk-weighted assets, let alone their actual assets," Carney said in an interview with Fairfax metro newspapers."They carried basically no liquidity protection and they were reliant on the state to insure."''The consequence was that we had a crisis where even countries that did the right thing in advance, such as my native Canada and here in Australia, had to take extraordinary measures to support the banks.''We can't have a system - and G20 leaders have made that clear here - we can't have a system where some of those institutions that are pushing back on this are still reliant ultimately on the state and are getting a massive subsidy from the taxpayer.''Carney told the Financial Review that "what we're trying to do is put in place these bail-inable bonds so that bondholders . . . know that if one of these banks were to make mistakes and needed to be recapitalised, the bondholders would become equity holders."The G20 said ministers agreed "jurisdictions and regulators should be able to defer to each other when it is justified by the quality of their respective regulatory and enforcement regimes, based on similar outcomes, in a non-discriminatory way, paying due respect to home country regulatory regimes."One novelty might be plans to have multilateral development banks "optimise [their] balance sheets in order to enhance lending capacity."The World Bank will coordinate work on "the mutual benefits and feasibility of MDB exposure exchanges as a means to optimise lending portfolios."