IMF committee vows to strengthen financial regulation

10:58, April 25, 2010      

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The International Monetary Fund (IMF)'s policy-steering committee on Saturday pledged to redouble efforts to strengthen financial regulation.

"Problems in the financial sector were at the heart of the recent crisis," said the International Monetary and Financial Committee (IMFC) in a communique issued after a meeting here.

"Strengthening financial regulation, supervision, and resilience remains a critical but as yet incomplete task," it said. "We agree to redouble efforts to forge a collaborative and consistent approach for a stable global financial system that can support the economic recovery."

Speaking to reporters at a press briefing, IMF Managing Director Dominique Strauss-Kahn said that the countries had "a strong sense of the need for stronger demand for coordination and more work together" on financial reform.

The IMF has been asked to prepare a report on assessing the state of regulatory and supervisory reforms, he said.

On Thursday, the IMF chief set three key areas for the reform by the end of the year: rules on financial sector liquidity and capital, the toolkit for addressing systemic risks, and the framework for cross-border resolution issues.

Source: Xinhua


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