FRANKFURT (MNI) – New financial regulations should be harmonized as
much as possible across the globe but will also have to take into
account specifics of national financial architectures, Bank of
International Settlements General Manager Jaime Caruana said Monday.
“Yes, good harmonization, but focus on the core rules,” Caruana
said during a conference on financial integration at the European
Central Bank.
These “core rules” include new liquidity and capital requirements,
Caruana said.
He said that a package of new regulation must be finalized during
the course of this year so as to remove “some of the uncertainty about
regulation.”
Once new rules are in place, there needs to be “a very proactive
supervision” as well as a “a very proactive dialogue with financial
institutions,” Caruana said.
–Frankfurt bureau: +49-69-720 142, email: jtreeck@marketnews.com
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