The world’s banks and financial regulators are “on track” to complete the initial implementation of financial system reforms, Mario Draghi, the governor of the Bank of Italy and chairman of the Financial Stability Forum, said at the weekend’s meeting of the group of eight finance ministers in Osaka.

Mr Draghi said a “fragile stability” had returned to markets, commended big banks on the improved transparency of their financial reporting and added that regulators would provide new guidance on liquidity and accounting standards within the 100-day deadline the G7 had set in April.