G7’s step is a good step given that the sub prime crisis affected far more widely than initially expected.  But it seemed to be only a recommendation.  I feel that laws should be pass so that banks are legally obligated to reveal their losses and take immediate action to rectify any lack of capital as a result of the losses.   If the call is only voluntary in nature, it might lack the teeth to force the banks to reveal such sensitive information and will end up more like a paper tiger.   Urgent and drastic measures need to be done to ensure that the global banking system is still intact and surviving despite the sub prime crisis which wipe out nearly $1 trillion off the global economy.