Mexico moves to defend financial system against future crisis

16:28, August 12, 2010      

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Mexico's Finance Ministry inaugurated a council Wednesday to protect the country's financial system from future economic crises.

A technical committee at the Stability Council headed by Deputy Finance Minister Alejandro Werner would study the vulnerability of the financial system under different scenarios, the ministry said in a statement.

The purpose of the council was to identify debt levels in both private and public institutions, which could lead to or intensify a crisis, and to monitor the prices of stocks, bonds and other assets to prevent any possible financial crisis, it said.

Mexico is still recovering from a deep recession spread from the United States, which triggered an economic decline of 10.3 percent at its worst point during the second quarter.

"Mexico did not face systemic problems in its financial sector, but the decision was made to create a preventive body and defend the financial system," the statement said.

The technical committee also includes representatives of the National Commission for Insurance and Deposits, the Retirement Savings Systems Commission, and the Bank Savings Protection Agency.

Source:Xinhua

(Editor:黄蓓蓓)

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