G20 political leaders need to make emerging economies greater policy partners in the common purpose of building a more efficient, effective and resilient global financial system, said an article released on Friday.

The article, co-authored by Liao Min, director-general of the China Banking Regulatory Commission’s Shanghai office; and Kevin Lynch, vice-chairman of BMO Financial Group; brings to light a growing lack of trust among national financial systems, as evidenced by increasing regulatory fragmentation and fraying international coordination.

"Almost 60 percent of Americans lack trust in the US financial sector, while in the Eurozone, the figure stands at more than 70 percent,” the article reads “Most emerging economies indicate high levels of trust in their financial systems, reflecting the simple fact that they largely avoided the financial crisis."

Emerging markets are largely "policy takers" rather than "policy partners", said Liao and Lynch. Moreover, the authors worry emerging markets lack the infrastructure and financial platforms to ensure effective implementation of some highly complex financial reforms.

Therefore, the report suggests, international cooperation should allow for more principles-based equivalency for countries at different stages of financial sector maturity, rather than apply a one-size-fits-all prescriptive approach.