Monday, June 09, 2008

Global rules for global banks?

When I first started speaking out several years ago about the need for global rules, I was regarded as a hopeless idealist.

I am glad to see that some top personalities have now come around to seeing the sense of this (at least in terms of the financial markets, if not yet in relation to manufacturing and other services).

Professor The Lord Desai (London School of Economics and the House of Lords in Britain), has come out in favour of global regulation of speculative activity, and I am interested to see that Timothy Geithner, the President of the Federal Reserve Bank of New York, has now urged that "Banks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with appropriate requirements for capital and liquidity”: Sphere: Related Content

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