Making banking boring
There are no surprises in the deal announced today to reform the banking system, to prevent banks making the kind of risky loans and investments that precipitated the worst global economic crisis since the 1930s.
But it's nonetheless a historic event that the world's 20 most powerful economies have signed up for these reforms - because they represent the death knell for the Anglo-American doctrine that economies flourish when financial firms are left alone to do as they please.
If the French and German governments - long critical of the practices of the City of London and Wall Street - claim a victory, that's not wholly unfair.
What's been agreed is that hedge funds and other relatively unregulated financial institutions - known collectively as the shadow banking system - will have much less freedom to lend and trade.
There'll be a crackdown on tax havens, measures to prevent banks rewarding staff for doing dangerous deals, much stricter oversight of the agencies that determine whether investments and loans are safe, and a reform of the way that banks account for their profits and losses.
Most significantly, banks will have to hold much more capital relative to their loans and investments, so it will be much more expensive for them to lend.
That may seem crazy right now - when banks haven't been lending enough.
But if it changes the way that banks do business, so that they take fewer dangerous risks, in the long term most of us will probably be grateful.