IMF urges more comprehensive reform of the global financial system
05 October 2010
Before the IMF/World Bank and G20 meetings, the IMF has issued a staff position paper which notes that while much work has been done to improve the safety of the global financial system since the onset of this crisis, much still needs to be done.
Perhaps the timing of this note is an indication of the IMF’s desire to instil some further political momentum into the debate, fearing that there may be a waning political will to arrive at some key solutions, for example on resolution schemes. The paper calls for a level playing field in regulation, improved efficiency in supervision, better cross border resolution mechanisms, a more comprehensive macro-prudential framework and a widening of the regulatory net. Expect these topics to form the core of the G20 deliberations in the next phase of discussions.
© International Monetary Fund
