The financial crisis has severely damaged the standing of the Western world and accelerated the shift eastward in economic and geopolitical power, Josef Ackermann said warning against overregulation of financial markets.
The Deutsche Bank head tells the IMF’s Asia 21 Conference of "seismic shifts" boosting Asia's importance.
On the new regulation, however, the financier was concerned that some changes could result in an uneven playing field between economies or overregulation of the financial markets.
"I am advocating that care must be taken to find the right balance between establishing greater stability, on the one hand, and maintaining the ability of the financial system to support growth and innovation on the other," he warned.
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