BoE's Carney: G20 countries must respect others' bank regulation
LONDON, Sept 9
LONDON, Sept 9 (Reuters) - G20 countries must agree to respect each others' financial regulation and avoid pandering to domestic special interests, Bank of England Governor Mark Carney said in a newspaper column on Monday.
Carney, who chairs the international Financial Stability Board and has just returned from a G20 summit in St Petersburg, said that countries must take care not to fragment international financial rules.
"Yielding to calls for unilateral action to protect domestic systems would risk fragmenting the global system, slowing global growth and job creation," he wrote in the Financial Times.
"That requires full, consistent implementation of new standards, better information-sharing and co-operation to solve cross-border problems. We must be prepared to defer to each other's rules on a cross-border basis when this would produce similar outcomes," he added.
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