LECCE, Italy, June 15 (Global Risk Regulator) – No progress was made on financial regulation at the Group of Eight (G8) finance ministers’ meeting at the weekend. Europe is divided on publishing bank stress tests and the UK and the US were left moving swiftly at the end of the meeting to try to rein in the idea that economic recovery may soon be assured, Reuters news agency reports.

And in remarks last week at the annual meeting of the International Organization of Securities Commissions, IOSCO, regulators said national overhauls of banking and market rules in response to the crisis have set back plans by world leaders to create common standards (see GRR June-11 “Regulatory news summary” email item).

The finance ministers of the G8 grouping of economic powers met in Lecce on Friday and Saturday to build a consensus for financial reform ahead of a July 8-10 G8 leaders’ summit in L’Aquila, Italy.