The finance ministers and central bankers from the Group of Seven rich nations said that, if workable, such a levy should be applied worldwide. Alistair Darling, the Chancellor, said: "We discussed in the longer term whether or not it would be appropriate to have a levy on the banking industry to reflect the costs that have been imposed as a result of what has happened. It's early days but ... we agreed to work together on this". The ministers also discussed an insurance levy to protect banks from future financial losses and pledged international standards on all aspects of banking regulation.