There are actually
many steps. In this case:
1. The finance ministers reach an agreement. This is what has happened.
2. A treaty is written and signed, normally by the head of state, but sometimes by the head of government (for the US in both cases the President). At this point the treaty in not yet legally binding, although according to international law the signatory country has an obligation "to refrain, in good faith, from acts that would defeat the object and the purpose of the treaty."[1]
3. The parliament (for the US the Senate) ratifies the treaty, making it binding.
4. The parliament (House and Senate in the US) creates the necessary national legislation to implement the provisions of the treaty.
5. The government creates the secondary legislation for the application of the national legislation created at 4.
Usually after 2. the other steps follow more or less smoothly, but there are some high profile cases where the ratification never happened (e.g. the Kyoto protocol).
[0] https://treaties.un.org/pages/overview.aspx?path=overview/gl...
1. The finance ministers reach an agreement. This is what has happened.
2. A treaty is written and signed, normally by the head of state, but sometimes by the head of government (for the US in both cases the President). At this point the treaty in not yet legally binding, although according to international law the signatory country has an obligation "to refrain, in good faith, from acts that would defeat the object and the purpose of the treaty."[1]
3. The parliament (for the US the Senate) ratifies the treaty, making it binding.
4. The parliament (House and Senate in the US) creates the necessary national legislation to implement the provisions of the treaty.
5. The government creates the secondary legislation for the application of the national legislation created at 4.
Usually after 2. the other steps follow more or less smoothly, but there are some high profile cases where the ratification never happened (e.g. the Kyoto protocol).
[0] https://treaties.un.org/pages/overview.aspx?path=overview/gl...