• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Global body warns G20 on financial unity

Feb 11 2013 19:59 AFP

Related Articles

G20 flags US fiscal cliff

Global power shift

G20 backs Europe's overhaul to fight crisis

Growth the watchword at G20 summit

Europe vows closer union at G20

G20 finance chiefs to tackle euro crisis

 

Washington -The global banking industry on Monday urged the Group of 20 economic powers to deliver on pledges to harmonise financial regulation, warning their commitment appears to be fraying.

The Institute of International Finance said its members were "deeply troubled" by the current trend toward "increasingly fragmented financial regulation."

The tendency of nations to act to protect their own financial service sectors and taxpayers against future global risk "is threatening to undo decades of cross-border cooperation," the IIF said in a statement.

"If we fail to preserve the spirit - and the fact - of international harmonisation of financial regulation, we run the risk of inhibiting the global economic regeneration so desperately needed by people everywhere."

In a letter to G20 finance ministers and central bankers to meet on Friday and on Saturday in Moscow, the IIF, which represents more than 450 financial institutions around the world, called on the G20 powers to renew their willingness to work together for the good of the global economy.

"We believe the G20 must reinvigorate the policy coordination process and recommit to the cooperative spirit of the London and Pittsburgh G20 Summits," the letter said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

g20  |  banking

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

10 most expensive cars In the world

This is car porn at its best!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...