Mark Carney, the chairman of the Financial Stability Board, has called on leaders of the world’s 20 largest economies to work together to complete widespread reforms of the banking sector and derivatives markets.

In a letter to the leaders of the G20 countries published today ahead of their July 7 Hamburg summit, the Bank of England governor said that the post-crisis bank capital rules known as Basel III "must be completed urgently and then implemented faithfully". He also called for "further work" to improve transparency in the over-the-counter derivatives markets.