There were many fine words about the fight against tax havens at the G-20 summit. But the reality looks very different: The OECD's new tax haven blacklist contains exactly zero entries.

The heads of state of the world's most powerful nations seemed somewhat tired, and yet extremely satisfied. On the Thursday of the week before last, after hours of negotiations, they had finally agreed to a plan for a new, cleaner global financial system.

"The era of banking secrecy is over," the official communiqué issued at the end of the G-20 summit in London concluded. From now on, the authors wrote, "non-cooperative jurisdictions, including tax havens," can expect to face sanctions and be placed on a list of countries not in compliance with the "international standard for exchange of tax information."