The independent Commission on Devolution in Wales will begin work shortly, and will focus on building consensus within Wales on those issues.
It aims to report its recommendations on financial accountability in the autumn of 2012, and its recommendations on the constitutional settlement in Wales in 2013.
The First Minister said:
"I welcome the Secretary of State’s announcement of this Commission, its members and its remit.
"I congratulate Paul Silk on his appointment as Chair of the Commission. I am also pleased to see all the main political parties represented the Commission. I hope they will work to maintain the cross-party consensus on financial reform that exists in Wales and I am sure that the two independent members of the Commission will also bring a helpful perspective to the work.
"We have already looked into how Wales is funded through the Holtham Commission and this new inquiry will follow on from that work and its conclusions. I am pleased that the first phase of the Commission’s remit is due to be completed by next autumn. I am sure that the Commissioners will be aware of the need to make quick progress.
"We will seek to work positively with the Commission while also continuing to press hard for a funding floor and borrowing powers in the ongoing inter-governmental talks.
"Those talks will continue while the new Commission carries out its work. But this is a twin-track process - progress on issues of accountability can only be made if there is also real progress on fair funding and borrowing powers. Wales needs a comprehensive package of financial reforms that delivers a fairer, more stable settlement."