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Global body warns G20 on financial unity

Feb 11 2013 19:59 AFP

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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.

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