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Financial sector 'still fragile'

Jan 10 2010 14:36

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Basel, Switzerland - The Financial Stability Board said Saturday the situation in the financial sector had improved but remained still very fragile.

"The situation is much better than one year ago," said Mario Draghi, governor of the Italian central bank and chairperson of the FSB, a global watchdog made up of senior representatives of national financial authorities.

"It's improving, but it has many fragilities," he added at a news conference at Bank for International Settlements headquarters.

The Financial Stability Board which is working on a number of steps to strengthen the banking system and avert another financial crisis will present its preliminary conclusions to Group of 20 nations in June, Draghi said.

The G-20 group of major economies was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy.

- AFP

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