WASHINGTON: The IMF on Wednesday warned countries against rolling back reforms which could make the global financial system “less safe” and “jeopardise” stability, saying reform efforts must continue to be coordinated internationally.
The remarks by the global financial body came during the release of its report ‘Regulatory Reform: 10 years after the global financial crisis: Looking back, looking forward’.
“Financial sector reform efforts must continue to be coordinated internationally. An evaluation of the broader impact of the reforms is advisable 10 years after the global financial crisis, and any unintended consequences of the reforms should be assessed and addressed,” it said.
In its report, the International Monetary Fund (IMF) said it supports a proportionate approach to regulation and supervision, whereby the complexity of technical standards and supervisory efforts and scrutiny are assigned in proportion to an institution’s systemic importance and a jurisdiction’s global importance. (AGENCIES)
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