And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy. (Revelation 13:1)

"seven heads" - The G7 (also known as the G-7 or Group of Seven) is the meeting of the finance ministers from a group of seven industrialized nations. It was formed in 1976, when Canada joined the Group of Six: France, Germany, Italy, Japan, United Kingdom, and United States of America.

"ten horns" - The Basel Committee consists of representatives from central banks and regulatory authorities of the Group of Ten (economic) countries, plus others (specifically Luxembourg and Spain).

'We Need a Financial System Rethink': Global Finance Cop a Good Idea

Oct 24, 2008
by Aaron Task

http://finance.yahoo.com/tech-ticker/article/101490/We-Need-a-Financial-System-Rethink:-Global-Finance-Cop-a-Good-Idea,-Says-NYU-Prof

Given the scope of the global financial meltdown, it's worth wondering if an international finance regulator might've nipped the crisis in the bud, or at least mitigated it's more egregious effects. The idea of a global finance cop is expected to be on the table when President Bush hosts a global financial summit next month.

Despite political opposition to the idea, NYU Stern School professor, author, and former head of Goldman Sachs International Roy Smith, says the template for such an authority already exists in the Basel Accords. But these multinational banking regulations represent an outdated framework, he says, because they don't apply to non-bank "characters" such as hedge funds, private equity firms, insurance companies, and investment banks.

What's required to stave off more global market chaos, Smith says, is "a financial system rethink" that entails:
Uniform regulation for member countries
Regulation of non-bank entities along with banks
Special focus and "enhanced regulation" for the "too big to fail" firms that represent the greatest threat of systemic risk in a crisis