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United States United States World's banks accept more regulation, but push for broader approach
United States United States World's banks accept more regulation, but push for broader approach
| World's banks accept more regulation, but push for broader approach |
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| Written by Ajay Gupta |
| Thursday, 23 July 2009 18:42 |
 Washington - The world's major banks said Thursday they recognize that more government regulation is unavoidable after careless risks brought their sector to the brink of collapse in October.But financial firms also pushed for broader international standards and resisted the idea of subjecting the largest banks to tighter regulation than others, in a report by the Institute of International Finance, the world's top financial lobby. The United States and European Union are in the process of adopting major overhauls of their financial regulatory systems. "We recognize that far reaching regulatory and industry reforms are necessary to guard against systemic vulnerabilities," said Josef Ackermann, chairman of the IIF and chief executive of Deutsche Bank. "A return to 'business as usual' is not an option for us." (dpa) |