The Financial Stability Forum and the Basel Committee on Banking Supervision have both extended their membership to include Brazil, Russia, India and China, as the two regulatory bodies look to coordinate a global action plan to regulate banks and restart the world's ailing economies.

Yesterday, the FSF announced that it had decided at its annual meeting to invite the dozen G20 countries not already members to join the forum. Those countries are Argentina, Brazil, China, India, Indonesia, Korea, Mexico, Russia, Saudi Arabia, South Africa and Turkey.