(BUSINESS.FINANCIALPOST) — MEXICO CITY — Slowly but intensely, the focus of the world’s financial leaders has shifted from Europe to the United States, where a fiscal crisis threatens to push the country back into recession — taking the rest of us with it.

With a divisive and still-too-close-call U.S. election only days away, Group of 20 finance ministers and central bankers who gathered Sunday in Mexico City are urging political action to avoid the looming “fiscal cliff” of government spending cuts and tax hikes set to take effect next year in the United States.

Still on the back burner, but expected to move front-and-centre, another issue is heating up — the slow progress in global financial reforms, known as Basel III.

Note: Read our discussion guidelines before commenting.