Over at his weblog:

I was not expecting any substantial agreement on international
regulatory coordination or any semblance of a new Bretton Woods, so I
am not disappointed on that score.  What I was looking for were three
things: (i) coordination on fiscal stimulus; (ii) a commitment to
provide more liquidity support, as needed, to prevent a further spread
of the crisis to emerging nations; and (iii) a clear commitment not to
engage in trade protection, with a monitoring mechanism to ensure the
pledge is being observed.

How does the statement do in these
regards?  So-so.  There is no coordination in the fiscal arena, the
promises made to emerging markets are vague, and even though there is a
clear statement on protection and export subsidization, there is no
monitoring or enforcement mechanism.

What about the longer-term
issues? The fundamental dilemma of financial globalization is that
regulation and supervision remains national while financial markets are
international.