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IIF: More actions essential to ease financial crisis
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09:57, October 03, 2008

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 IIF calls on regulators to address critical global economic challenges
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More actions were essential at this stage to ease the current financial crisis, the Institute of International Finance (IIF) said in a policy letter on Thursday.

Charles Dallara, managing director of the IIF, a leading global association of financial services firms with more than 390 member institutions, said passage of the U.S. Troubled Asset Relief Program (TARP) is urgently required.

"Still more needs to be done to set global financial markets on a path toward stability and recovery, including bold, pre-emptive actions by European authorities," he said.

The IIF's letter stressed that current measures by national authorities will bear fruit if reinforced by additional actions and the International Monetary and Financial Committee (IMFC) has a unique opportunity to put in place a global framework to help bring confidence back to the global financial system.

"We are at a crucial point in international regulatory development -- either we fall back into national approaches resulting in a fragmentation of the global regulatory environment, or we reach out to strengthen international coordination," he said.


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