Australia cbank sees 'daunting' task ahead in global financial reform
SYDNEY Oct 18 (Reuters) - Efforts to bolster the global financial system have progressed well but the time has come to focus on implementing already agreed reforms, Australia's central bank chief said on Friday.
The Basel III package, reforms for over-the-counter derivatives trading and clearing, establishing oversight of 'shadow banking' and addressing the problem of 'too big to fail' institutions are among the most important ones to implement, Reserve Bank of Australia Governor Glenn Stevens said.
"This by no means exhausts the list of work streams, but these are the key ones. Each is individually very demanding for regulators and industry players alike. Taken together, they are, in a word, daunting," Stevens said in prepared remarks to the Australian British Chamber of Commerce Business lunch.
"In my view, having developed a very substantial pipeline of work since 2008, our energies need now to be devoted to careful and systematic implementation of the already agreed reforms."
But he stressed he was not calling for current reform efforts to stop or be watered down.
"We need to avoid reform fatigue, and to sustain our support to those doing the hard grind of devising the new rules and making them work," he said.
In order to do that, Stevens said growth in the regulatory agenda must be contained.
"It is about ensuring we focus our finite energies and resources on the most important problems, and getting industry to do the same."
Stevens made no reference to domestic monetary policy but will take questions after the speech. (Reporting by Ian Chua; Editing by Eric Meijer)
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