Geithner: G-20 should agree on broad framework of reforms

11 March 2009

US Treasury Secretary Timothy Geithner calls for strong standards of supervision and regulation for all systemically significant financial institutions that operate globally.

US Treasury Secretary Timothy Geithner calls for strong standards of supervision and regulation for all systemically significant financial institutions that operate globally. Ahead of the next G20 meeting he underlined the importance for “effective oversight” of “critical markets”, such as derivatives and called for a stronger framework of capital requirements.

Furthermore, the FSF needs to be reformed and strengthened. “This requires expanding the membership to include all G-20 countries, giving it a stronger mandate for promoting more robust standards consistent with the principles above, and working with the IMF and World Bank to monitor the implementation of those standards”, he said.

Finally, the international community should comprehensively address substantial governance reforms of the international financial institutions, he outlined.

Full speech

 

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