The Obama administration's proposed new rules for Wall Street are not very radical -- and maintain the system pretty much the way it was prior to the crisis, said Barry Eichengreen, a professor at the University of California at Berkeley.
The Group of 20 has superseded the Group of Seven as the premier semiannual gathering for the heads of state of the major economies.
"The further away we get from the epicenter of crisis, the less likely the G20 is to coalesce around anything that has any teeth," Garten said. "I think the real danger here is almost nothing done to prevent another financial crisis from coming down the pike."
Simon Johnson, a former chief economist at the International Monetary Fund and now a professor at the Massachusetts Institute of Technology, called the Pittsburgh summit "largely a smokescreen to look busy."
"There is nothing in the works to defang the financial system," Johnson said.
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