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China wants IMF to be tougher with rich states
By Alan Wheatley, China Economics Editor
BEIJING, Feb 9 (Reuters) - China, setting out its stall for the next global financial summit, wants the International Monetary Fund to get tougher with developed countries that let their economies run off the rails.
In a position paper prepared for the April 2 meeting in London of the Group of 20, China calls for more power for developing countries in the IMF and World Bank and issues a warning against investment protection.
On financial regulation, the memo says accounting standards and credit ratings should be adjusted to contain the "pro-cyclical" bias of financial institutions to ramp up lending and investment when times are good, leading to excessive risks.
The paper, seen by Reuters, also calls for hedge funds to be regulated and for excessive leverage and pay to be curbed.
....
"The IMF should strengthen oversight over macroeconomic policies of all parties, particularly the major reserve currency economies, and provide oversight information and improvement recommendations to its members on a regular basis..." the paper says.
By Alan Wheatley, China Economics Editor
BEIJING, Feb 9 (Reuters) - China, setting out its stall for the next global financial summit, wants the International Monetary Fund to get tougher with developed countries that let their economies run off the rails.
In a position paper prepared for the April 2 meeting in London of the Group of 20, China calls for more power for developing countries in the IMF and World Bank and issues a warning against investment protection.
On financial regulation, the memo says accounting standards and credit ratings should be adjusted to contain the "pro-cyclical" bias of financial institutions to ramp up lending and investment when times are good, leading to excessive risks.
The paper, seen by Reuters, also calls for hedge funds to be regulated and for excessive leverage and pay to be curbed.
....
"The IMF should strengthen oversight over macroeconomic policies of all parties, particularly the major reserve currency economies, and provide oversight information and improvement recommendations to its members on a regular basis..." the paper says.
It's our system, but what happened to ?
IMF To Audit US Financial System
http://www.spiegel.de
First scooped by weta 223 ago | Discuss
Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system
http://www.spiegel.de/international/...562291,00.html
http://www.spiegel.de
First scooped by weta 223 ago | Discuss
Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system
http://www.spiegel.de/international/...562291,00.html