FRANKFURT (MNI) – The resilience of the global financial system
must continually be strengthened and a medium for balanced and
sustainable economic growth created, European Central Bank Executive
Board member Gertrude Tumpel-Gugerell argued Monday.
The bank reforms under the so-called Basel III framework are “an
extremely important milestone on our path to reform of the regulatory
framework,” the central banker said, according to remarks prepared for
delivery at a conference in Duesseldorf, Germany.
“Together with the introduction of a global liquidity standard,
these reforms should contribute to long-term financial stability and
ensure that banks are better able to resist periods of economic and
financial tension,” she said.
“We must continually strengthen the resilience of the global
financial system and create a medium for balanced, sustainable economic
growth,” she said.
“In order to achieve this, we must fundamentally change our
financial systems, our public finances and the network of national and
international regulatory authorities for the world economy,” she said.
Transitional rules for Basel III are “realistic” and “prudent,” she
argued.
–Frankfurt bureau; +49-69-720142; frankfurt@marketnews.com
[TOPICS: M$$EC$,MGX$$$,M$X$$$,M$$CR$]
