London

GLOBAL regulators set out their "final tools" on Monday for ending the phenomenon of "too big to fail" banks, seeking to draw a line under a period of intensive rule making after a financial crisis that tarnished the sector and weighed heavily on taxpayers.

Mark Carney, chairman of the Financial Stability Board (FSB), which coordinates regulation across the Group of 20 economies (G-20) to plug gaps highlighted by the 2007-09 financial crisis, said many of the key reforms have been implemented decisively and promptly. "As a consequence, the financing capacity to the real economy is being rebuilt and significant retrenchment from international activity has been avoided," Mr Carney said in a letter to G-20 leaders ahead of their summit next week.