A small fire forced Italy's central bank governor and other finance officials to cut short a meeting of a body tasked with drawing up proposals for the G020 meeting of world leaders later this month.
In preparation for the June 26-27 leaders' meeting in Toronto, the Financial Stability Board met to make proposals that leaders could agree on.
But near the end of the meeting a small kitchen fire forced FSB Chairman and Italian Central Bank governor Mario Draghi and others to evacuate Toronto's Allstream Centre.
Draghi canceled his scheduled press conference but later made a brief statement at a hotel. He called it a very substantive meeting on regulatory reform in the areas of capital requirements, derivatives trading and what to do with systemically important institutions.
"We made good progress in the area of reform of Basel II and in the area of what to do with systemically important financial institutions, especially in the area of infrastructure, market infrastructure consolidation with respect to OTC derivatives trading," Draghi said.
Basel II is an international agreement designed to protect banks and insurance companies against excessive risk.
Draghi declined further comment.
The FSB is an international body established at the G-20 London Summit last year.
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