Financial reform on the international stage was progressing slowly, U. S. Treasury Secretary Timothy Geithner has said.

The New York Times reported on Monday that with Congress close to presenting a finance reform bill to President Barack Obama, many believed the Group of 20 Nations summit in Toronto during the weekend would include serious discussions concerning international rules for banks.

The focus, instead, was on deficit reductions. Concerning bank regulations, more background discussions are needed before world leaders tackle the topic.

Geithner said of Cabinet-level discussions, "We're narrowing those differences, but we're still some ways apart."

Some leaders were concerned that dealing with banks with a heavy hand would be counterproductive, Geithner said.

He further added, "The best way to strike that balance is to make sure you set ambitious standards, but give people a transition period so they can adapt over time to those standards."

"Clearly, new tough rules are coming, but what they are and how they will affect each nation is up to each nation. In the United States, the rules will be very stringent, but that's because of the bill Congress passed on Friday," said Karen Shaw Petrou, managing partner at Federal Financial Analytics. (With Inputs from Agencies)